Volusiano
Well-known member
I bought a Volt in February of this year and expect to get the $7500 federal tax credit next year for the 2013 tax return. I'm also looking into installing a solar panel system on my roof this year. I can get 30% federal tax credit on the solar panels as well, and I'm told it can carry over if I don't have enough tax liability in 2013 to claim for both altogether.
The problem is I may not have enough tax liability for both outright in 2013. So here's the question: Let's say I have $10K in tax liability in 2013. The idea scenario is to claim $7500 of that for the Volt, and $2500 left over for the solar panels. Then carry over the remaining $5K for the solar panel and get the tax credit for that in tax year 2014.
What I don't know is whether I can pick and choose how much I want to claim for each of the tax credit situations like describe above or not. What if the IRS says no, you have to claim tax credits for both equally, $5K for the Volt and $5K for the solar panels. That would be a problem because I can't carry over the remaining $2500 tax credit for the Volt toward the next year.
Has anybody run into this same situation before and know the answer to whether you can pick and choose how much tax credit to file for each of the situation (Volt & solar panels)?
The problem is I may not have enough tax liability for both outright in 2013. So here's the question: Let's say I have $10K in tax liability in 2013. The idea scenario is to claim $7500 of that for the Volt, and $2500 left over for the solar panels. Then carry over the remaining $5K for the solar panel and get the tax credit for that in tax year 2014.
What I don't know is whether I can pick and choose how much I want to claim for each of the tax credit situations like describe above or not. What if the IRS says no, you have to claim tax credits for both equally, $5K for the Volt and $5K for the solar panels. That would be a problem because I can't carry over the remaining $2500 tax credit for the Volt toward the next year.
Has anybody run into this same situation before and know the answer to whether you can pick and choose how much tax credit to file for each of the situation (Volt & solar panels)?