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Owners in the Denver Colorado or surrounding area

Discussion in 'Mountain/Southwest' started by dfdtruckie, Sep 28, 2015.

  1. dfdtruckie

    dfdtruckie Member

    Joined:
    Jun 1, 2013
    Messages:
    34
    Location:
    Denver
    Hello, I'm a new potential buyer. I wanted to know if you could share your experience with your purchase and tax credit. My understanding is that its a credit and not a actual rebate check. So you get a perceived saving toward your taxable income? Did it have a actual effect on your return? Dig you get a bigger return? Thank you for your input.
     
  2. tvuolo

    tvuolo Member

    Joined:
    Sep 8, 2013
    Messages:
    232
    Location:
    Colorado
    For Colorado, it's a tax credit and has no impact on your taxable income. I owed ~$100 to the state. I got a $6000 credit less $100, and ended up with a check for $5900. I'm not sure about the federal credit, since my car was used (just never registered in CO).

    NOTE: I filed my taxes in early Feb, and I didn't receive my check until late August. Colorado was having a bunch of fraud, so it took a long time this year. The point is... don't count on it arriving a few weeks after filing.
     
  3. Barry

    Barry Member

    Joined:
    Aug 9, 2013
    Messages:
    784
    Location:
    Colorado
    For the Federal, you must have a tax bill of greater than or equal to $7500 to get the full credit. If you tax bill is less, you will get less.
     
  4. theheff

    theheff Member

    Joined:
    May 4, 2014
    Messages:
    236
    Location:
    Denver , CO
    Barry is correct. It also took an extremely long time to get the state credit. I filed in February and didn't receive the Colorado EV credit until July.
     

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