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Is a Participant allowed to deduct expenses against the income earned under the Contract?

April 26, 2017allowed contract deduct earned expenses income participant

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Is a Participant allowed to deduct expenses against the income earned under the Contract?

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A Participant may deduct any reasonable expenses incurred to earn business or property income. For example, a homeowner who installs a solar pv system on the roof of his or her residence, and enters into a Contract under the microFIT Program may deduct any incremental increases to property taxes and insurance resulting from the installation of the solar pv system. 4. Will a Participant who uses a portion of the electricity generated from the renewable energy property for personal home consumption be allowed to deduct any amount paid to his or her local electricity distributor for such personal home consumption? No. The Participant’s personal home consumption of electricity is a personal expense that is not deductible for income tax purposes.