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Is there (still?) a tax credit if you install 14-50 charger in your home?

plasmo

Member
Mar 12, 2016
457
360
Chicago
I read that this might have ended, but does anyone know if there is a tax credit if you were to install a 14-50 charger outlet in your home?
I will be installing two 14-50 outlets in my garage from my fuse box in the basement, which will cost around $2300 and was wondering if anyone got a tax credit for doing and if it is still available.
Thanks
 

cpa

Active Member
May 17, 2014
3,247
4,411
Central Valley
A more accurate statement would be that the federal income tax credit for EVSE is not allowable against AMT. A difference with a distinction.

Something that is subject to AMT would be items like Private Activity Municipal bond interest income or the part of the $100,000 home equity line of credit (or refinance) that is not used for your principal residence, i.e., refinancing and buying your Tesla. In other words, for regular tax purposes these two items are still excluded (muni bond interest) and deductible (home mortgage refi or line of credit) when determining your taxable income. But when recalculating your alternative minimum taxable income, they are included (muni bond interest) and not deductible (home mortgage refi or line of credit.) These are minimum tax exclusion items, and no minimum tax credit is available for these particular items.
 

Craig-Tx

Member
Aug 1, 2016
112
143
Fort Worth, TX
More info: (2015 IRS forms)
IRS form: https://www.irs.gov/pub/irs-access/f8911_accessible.pdf
instructions: https://www.irs.gov/pub/irs-pdf/i8911.pdf

I wasn't aware of this credit. But basically, 30% (up to $1000) for residential installation of EVSE. Currently this is only through the end of 2016.

Now my dilemma. I am a Model 3 reservation holder. Absolute best case, I'll get my EV near the end of 2017. I plan on installing a Tesla wall connector and potentially a NEMA 14-50 in the other garage for future EV use or secondary parking. Should I do this now to get the credits or should I hold off until I get closer to purchase?

There is always a possibility that the Tesla Wall connector will update before I need one. Also possible that the credit will get extended. (although I'm guessing it will be unlikely.)
I suppose there is also a possibility that the Model 3 will use a different connector. (Also, I'm thinking unlikely)
Finally there is a risk in me not getting a model 3, but some other vehicle. (Also, VERY unlikely)

Hmm... need to weigh the risks and the several hundred $$ in savings.
 
  • Informative
Reactions: fallen888

cpa

Active Member
May 17, 2014
3,247
4,411
Central Valley
Eligibility for this credit in my opinion is a facts-and-circumstances situation. In other words, you can prove how much you paid for the EVSE, so the amount of the credit is not in dispute. What would be in dispute would be your eligibility for the credit due to your timing. For me, I would be hard pressed to justify doing this in 2016 for the reasons you stated. And, if for some reason you did not buy a Model 3, would you amend your return and repay the credit? Keep in mind that I am not a lawyer.

I suggest that you ask your tax professional to lunch and explain your situation and solicit his/her advice.
 

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