Newbie charging question

[REH3P]

Hello, just picked up our Model 3 Performance today and ordered a Tesla wall charger. Am I correct in that you get a Federal tax write off for the price of the unit and the install? And if so where do you find the paperwork for that or just fill out in your taxes at the end of the year? I know there is not tax credit for the car itself, but saw this somewhere and knew I could get the answer here. Thanks!

 

[Puddles]

Congrats!

someone might correct me, but I expect you will claim the expense on your income tax return.

 

[dmkorten]

Yes, you can get a credit of up to 30% of the cost of the charger. It is form 8911 (About Form 8911, Alternative Fuel Vehicle Refueling Property Credit | Internal Revenue Service). You would claim the credit when you file your 2020 taxes (i.e., early in 2021). Some tax preparation software have this form, others do not and you will need to fill it out manually in those cases. You can search this forum for 8911 to get more information,

 

[REH3P]

Congrats!

someone might correct me, but I expect you will claim the expense on your income tax return.

Thanks, just wanted to verify that the tax write off was still good on the charger and install.

 

[MrMassTransit]

Yes, it is still good through the end of 2020. You can take up to 30% of the cost of the unit and install as a credit, up to $1k for residential installs.

Federal Tax Credits for EV Charging Stations & Installation – Extended! | ClipperCreek

 

[Dan44]

Check your State too, some also give credits

 

[Punjabi510]

It's a 30% credit up to $1000. Not sure if it's a write off though.

 

[Puddles]

It's a 30% credit up to $1000. Not sure if it's a write off though.

Isn’t a credit much better than a write off? The latter I think of as a reduction in earnings and the former a reduction in tax. But I learned everything I know about income tax from TurboTax.

 

[Dolemite]

Yeah a credit is straight-up cash
Deduction reduces your taxable income

 

[Resist]

I installed a 240volt outlet in my garage, cost me $50 in parts. Then I bought another mobile charging cable kit and got the Service Center where I purchase it, to exchange the 120volt adapter that's included for a the 240volt 14-50 adapter. So I can claim all this for a Federal tax credit on my 2020 taxes?

What about about for the California return?