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Discussion:Sec. 48 energy credit basis reduction
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Discussion Forum Index --> Tax Questions --> Sec. 48 energy credit basis reduction
JAD (talk|edits) said:
| 4 June 2007
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| I distinctly remember with earlier credits that the depreciable basis of the property had to be reduced by the amount of the credit claimed. Now I cannot find what lead me to come to that conclusion...but it only makes sense. Am I correct? If I claim the 30% credit for solar energy property, I must reduce basis, right? Thank you!
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Sandysea (talk|edits) said:
| 4 June 2007
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| Yes, you need to reduce the basis of property by any credits you take...don't know the section number off hand but certainly you are on the right track :)
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JAD (talk|edits) said:
| 4 June 2007
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| Thank you Sandy. I couldn't find the specifics in that Pub, but did find it in 50(c)(3)(A). For anyone else who ever has the question, basis is reduced by 50% of the amount of the credit.
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