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Taxpayer received a 30% solar energy credit in 2016. In

2017, the local utility company...
Taxpayer received a 30% solar energy credit in 2016. In 2017, the local utility company issued a rebate check for part of the cost. Should the 2016 return be amended to reduce the cost of the solar equipment and reduce the credit? The utility company sent a 1099 for 2017 with no dollar amounts in any of the boxes.
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Answered in 16 minutes by:
3/9/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,645
Experience: Taxes, Immigration, Labor Relations
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No need to amend 2016 tax return.

Because that rebate was issued in 2017 - it will be included into 2017 tax return..

That will be classified as "recovery"

A recovery is a return of an amount you deducted or took a credit for in an earlier year.

You must include a recovery in your income in the year you receive it up to the amount by which the deduction or credit you took for the recovered amount reduced your tax in the earlier year. For this purpose, any in-crease to an amount carried over to the current year that resulted from the deduction or credit is considered to have reduced your tax in the earlier year.

You will report the amount of rebate which was included into your credit as income on 2017 tax return as recovery.

Let me know if that helps.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,645
Experience: Taxes, Immigration, Labor Relations
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