I installed a charging station in my home for my tesla this past year. I am reading some weird rules around receiving the credit and having to have a tax liability in order to claim the credit. Doe anyone know if the credit is still valid for 2017 tax year, and also how it works in terms of rules to receive it and calculation of how much credit.
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2017 Tax credit for installation of charging station?
- Thread starter Danteslsa
- Start date
There's also some misinformation in TurboTax where it seems to imply that it's valid for 2017. As was stated, the only Federal credit in 2017 is the car one we all know about.
cpa
Active Member
Just guessing here--strictly a guess--so take it for what it is worth:
Individuals who own an interest in a pass-through entity like a partnership or S Corporation might be receiving a pass-through credit for their individual returns if the entity is on a fiscal year other than a calendar year. Most pass-through entities are on calendar years, but there are a few that do operate on a fiscal year.
If ABC Partnership is on a July 1, 2016, to June 30, 2017, fiscal year, and ABC installed EVSE before 12/31/16, then the credit will flow through to the partners on schedule K-1 on the 2016 partnership tax return (forms for tax years always are used for the year in which the fiscal year begins.) However, the partners will report the income, loss, deduction, or credit on their 2017 returns, since 2017 is when the tax period for ABC ended.
About 30 years ago legislation was enacted to do away with fiscal year flow-through entities unless some very strict exceptions were met or a Section 444 election was in place. Congress got tired of individuals deferring income taxes up to 10 months by those taxpayers who held substantial interests in partnerships, S Corporations and fiduciaries.
Unless you are affected by such an entity, and you know that this entity will be passing through the EVSE credit, just complete your return at your leisure!
Individuals who own an interest in a pass-through entity like a partnership or S Corporation might be receiving a pass-through credit for their individual returns if the entity is on a fiscal year other than a calendar year. Most pass-through entities are on calendar years, but there are a few that do operate on a fiscal year.
If ABC Partnership is on a July 1, 2016, to June 30, 2017, fiscal year, and ABC installed EVSE before 12/31/16, then the credit will flow through to the partners on schedule K-1 on the 2016 partnership tax return (forms for tax years always are used for the year in which the fiscal year begins.) However, the partners will report the income, loss, deduction, or credit on their 2017 returns, since 2017 is when the tax period for ABC ended.
About 30 years ago legislation was enacted to do away with fiscal year flow-through entities unless some very strict exceptions were met or a Section 444 election was in place. Congress got tired of individuals deferring income taxes up to 10 months by those taxpayers who held substantial interests in partnerships, S Corporations and fiduciaries.
Unless you are affected by such an entity, and you know that this entity will be passing through the EVSE credit, just complete your return at your leisure!
lee_d
Member
I finally got my return all set up and ready to go but was sitting on it because of this supposed credit that I would get for installing my charger back in October. I also read that it had expired at the end of 2016, but thought that it may have been renewed or extended, seeing as to how the all-knowing TurboTax says that it's applicable.
Leave it to Tesla Motors Club to set me straight. Signed up for an account just to mention this. And, having a Model S, I guess it doesn't hurt to have an account on here too.
Leave it to Tesla Motors Club to set me straight. Signed up for an account just to mention this. And, having a Model S, I guess it doesn't hurt to have an account on here too.
It sounds like they are valid again, through the end of 2018: US extends tax credits for charger installations, electric motorcycles and fuel cell vehicles through end of 2018
My understanding, is if you spend $800 on a home install, you would get 30% of that back as a tax credit.
My understanding, is if you spend $800 on a home install, you would get 30% of that back as a tax credit.
I was just about to post that same question.
In my non-accountant mind, that 14-50 plug is deductible: https://www.irs.gov/pub/irs-pdf/i8911.pdf
Woo! Where's my receipt for my two HPWCs.....
Lol, and now Turbo Tax has updated their original booboo and removed the old 2016 form. So we have to wait until they now put it back for 2017 and 2018....
Edit: Electrek is now reporting it's for 2017 only.... works for me!
Lol, and now Turbo Tax has updated their original booboo and removed the old 2016 form. So we have to wait until they now put it back for 2017 and 2018....
Edit: Electrek is now reporting it's for 2017 only.... works for me!
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I doubt anyone would care, but technically it could get into the gray area like the home office, used exclusively for the purpose. But what else are you going to use the 14-50 for? And an audit with an agent looking at your outlet seems sorta rare...Exactly!
The plug is upside down, so can't use it for an electric dryer... and arc welders scare me.I doubt anyone would care, but technically it could get into the gray area like the home office, used exclusively for the purpose. But what else are you going to use the 14-50 for? And an audit with an agent looking at your outlet seems sorta rare...
A bit more info from the US DoE on this Alternative Fuel Infrastructure Tax Credit extension for 2017.
Alternative Fuels Data Center
Alternative Fuels Data Center
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