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Has anyone claimed the Alternative Fuel Vehicle refueling property Tax credit?

Discussion in 'Model S: Battery & Charging' started by SamGarber, Sep 27, 2013.

  1. SamGarber

    SamGarber S85 "Whale Shark"

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  2. ipryor

    ipryor Member

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    Sam -
    I just printed off the tax form lay night to do this and I was assuming you could claim the cost of electrical work plus the cost of the HPWC. I'm planning on going over this with my acct in Feb/Mar '14 for my April taxes. Is there any reason to get it done sooner if you pay your taxes annually?
     
  3. SamGarber

    SamGarber S85 "Whale Shark"

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    Nope, I don't think you need it sooner but I wanted to be prepared if there were any caveats.
     
  4. FlasherZ

    FlasherZ Sig Model S + Sig Model X + Model 3 Resv

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    There are a couple of threads here about that.

    Only thing you really need to watch out for is AMT. If you pay AMT, you won't get anything from the EVSE property tax credit.
     
  5. ipryor

    ipryor Member

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    Adjusted Minimum Tax? Balls...gets you every time.
     
  6. kendallpb

    kendallpb Model S: P 8061

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    Alternative Minimum Tax. :)
     
  7. ipryor

    ipryor Member

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    I knew new it was something like that ;-)
     
  8. Blathering1

    Blathering1 Remember

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    Agregious Minimum Tax?
     
  9. PhilBa

    PhilBa Active Member

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    Huh, I thought it was Abusive Maximum Tax.
     
  10. Puyallup Bill

    Puyallup Bill Member

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    There has been a lot of discussion of this matter in the LEAF forums. It looks like if you take the $7,500 credit for the vehicle purchase, it is difficult to qualify for the EVSE credit. Of course, a decent accountant can figure it out.

    Here is one thread that addresses it: http://www.mynissanleaf.com/viewtopic.php?f=6&t=14497&p=328794&hilit=AMT#p328794
     
  11. texex91

    texex91 Banned

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    Yes and yes :wink:
     
  12. Shumdit

    Shumdit Member

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    So if you do not take the $7500 credit (for example if you buy pre owned) you can take advantage of this if you need to upgrade your electrical system for recharging purposes?
     
  13. birdsaresmarter

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    #13 birdsaresmarter, Oct 8, 2013
    Last edited: Oct 9, 2013
    It's basically independent of the vehicle - it is a credit for installing alt fueling infrastructure. I believe the credit is capped at $1k for individuals while businesses (like building owners perhaps) could enjoy a much bigger credit. It was a provision that had expired in tax year 2011 but was later retroactively reinstated for 2012 as part of the prior "fiscal cliff" negotiations.

    See IRS Pub17, chapter 36:
    http://www.irs.gov/publications/p17/ch36.html#en_US_2012_publink1000174923

    - Alternative Fuel Vehicle Refueling Property Credit


    You may be able to take a credit if you place qualified alternative fuel vehicle refueling property in service in 2012.
    -
    Qualified alternative fuel vehicle refueling property. Qualified alternative fuel vehicle refueling property is any property (other than a building or its structural components) used to store or dispense alternative fuel into the fuel tank of a motor vehicle propelled by the fuel, but only if the storage or dispensing is at the point where the fuel is delivered into that tank. The following are alternative fuels.
    • Any fuel at least 85% of the volume of which consists of one or more of the following: ethanol, natural gas, compressed natural gas, liquefied natural gas, liquefied petroleum gas, or hydrogen.
    • Any mixture which consists of two or more of the following: biodiesel, diesel fuel, or kerosene, and at least 20% of the volume of which consists of biodiesel determined without regard to any kerosene.

    • Electricity.

    - Amount of the credit. For personal use property, the credit is generally the smaller of 30% of the property's cost or $1,000. For business use property, the credit is generally the smaller of 30% of the property's cost or $30,000.
    - How to take the credit. To take the credit, you must complete Form 8911 and attach it to your Form 1040. Include the credit in your total for Form 1040, line 53. Check box c and enter “8911” on the line next to that box.
    - More information. For more information on the credit, see the Form 8911 instructions.
     
  14. barbja

    barbja Member

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    Here's a lengthy post I did on the subject: Austin Energy EV charging station rebate

    When you read the law, it says an individual should be able to claim the credit, but the tax form is most definitely limiting it to those that are claiming it as a full or partial business expense.
     
  15. texex91

    texex91 Banned

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    Did you order your car yet???

    After 10 test drives you have to be convinced :wink:
     
  16. birdsaresmarter

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    They just make it difficult to understand as usual (form 8911 instructions are lousy). You can take it as a personal credit, however, as others have noted, if you are in Alt Min...forget it...(I say this as the 10/15 deadline looms)
     
  17. SamGarber

    SamGarber S85 "Whale Shark"

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    Forgive my tax dumbness but what is the 10/15 deadline? I have never had AMT before so is it something to do with that?

     
  18. birdsaresmarter

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    Oh, 10/15 is just the final due date for individual returns (if you filed an extension by 4/15). Was kind of thinking "tick tock" for anybody looking for those last minute opportunities for reducing 2012 tax liability. Although, many people who can afford a Model S will likely be subject to the alternative minimum tax calc, which will nullify an opportuity for that $1k credit anyway (again, as some others had already noted). However there should be that $1k tax credit "opportunity" for the right individual situation. Just never hurts to look at it.
     
  19. barbja

    barbja Member

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    It may seem like 10, but it was only 3. I decided to be a little less fiscally irresponsible and wait until when I originally planned to trade in my current car (2Q 2014). I may end up with some interesting new features on the MS by then. They've already added the folding mirrors that were high on my wish list!
     
  20. NeedToDrive

    NeedToDrive Member

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    #20 NeedToDrive, Feb 1, 2014
    Last edited: Feb 1, 2014
    Even if you don't owe AMT it may be difficult to qualify for this credit in the year you take delivery of the car. The Tentative Minimum Tax (TMT) is the critical parameter. Generally speaking, for those who don't fall under the AMT, the TMT will be a number that is less than the AMT threshold and possibly close to what the regular tax already is. It turns out the 8911 form compares your TMT with your regular tax minus the $7,500 credit. In my case, the $7,500 reduction in my regular tax made it a smaller number than the TMT so no credit. Said another way, in the year you take delivery of the car, the TMT value effectively is increased by $7,500 for the purposes of the property credit.

    Thanks goodness the $7,500 does not figure directly into the TMT/AMT calculations on form 6251. It could be enough to push many folks above the threshold and be subject to the AMT.
     

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