Tax Credit?

[UffDa]

I am constantly bombarded with sales brochures and phone calls from people trying to sell solar systems, new and improved HVAC, Geothermal Heat Pumps, etc.
I am told that there are significant rebates and tax credits. From what I have read, a tax credit is deducted from the tax you owe. What if you don't pay any income tax?
(I am retired and my standard deductions are more than my annual taxable income.)

I love it. "Buy a new solar system and it will pay for itself in 20 years." 20 years? Cool! I'm 72, so if I buy your system will I live to be 92?

 

[leghog]

What if you don't pay any income tax?

Then you don't get the tax credit.

 

[Bob W]

Also, a lot of tax credits are only available to people who itemize. Since the standard deduction is so high, few people would reduce their tax bill by itemizing anyway.

Ironically, or not, the tax credits earned by keeping historic architecture intact could outweigh the tax credits earned by installing new windows and doors.

 

[UffDa]

What is really odd is that I get a $50 refund from Arizona every year. I don't pay state income tax either.

, but I'll take it.

 

[Noctis3880]

What is really odd is that I get a $50 refund from Arizona every year. I don't pay state income tax either.

, but I'll take it.

A pity you don't get that from the federal government. Would go much further in your pocket anyways:thumbup:.

 

[gregorio]

You just don't understand. You simply have to spend thousands of dollars to upgrade, and then you will get a very small credit.