Reporting solar tax credit and basis on partnership return

[ZukaAdam]

Four LLC members.  Filing 1065.  $70K in panels bought in '24.  I understand the depreciable life is 5 years $70K less 1/2 the 30% credit, so less $70Kx30%x0.5 = $10.5K.  Depreciable basis is $59.5K.  Correct?

Where to report $21K credit?  Line 20 on sch K code E?  Then LLC members report on their 1040's via form 3468?  Or another form?  Thanks all!

[jklcpa]

The partnership files 3468 with its return and the solar credit information including basis is reported in part VI, section B of that form.  It may also need to file form 3800.

Please see the instructions for form 3468. Specifically, see the heading "Specific Instructions" and the right under that are the detailed instructions for S Corps, Partnerships, Estates, Trusts that lists the lines to fill out and required information to give to the partners.

You are correct that ultimately this information is on the K-1 in box 20, code E with a statement attached that gives each partner the information needed for them to each complete their own 3468s on their individual returns.