Solar Investment tax credit and $7500 vehicle credit

[RollinMS]

Does anyone know if there are any issues claiming all these credits at once? I have the Solar, vehicle, and charger all happening this year.


Thanks

 

[electracity]

As long as you have the tax payments to offset you are fine. The people who run into trouble are higher net worth retired folks who may not have sufficient taxable income in a particular year to offset.

 

[RollinMS]

As long as you have the tax payments to offset you are fine. The people who run into trouble are higher net worth retired folks who may not have sufficient taxable income in a particular year to offset.

Awesome, thanks.

 

[Gwgan]

The charger credit cannot offset owed AMT.

 

[miimura]

The charger credit cannot offset owed AMT.

Agree. Most people cannot get the vehicle tax credit and the charging infrastructure credit in the same year due to AMT rules.

 

[doubleohwhat]

There's a charger credit? Does it have to be an actual charger or can it be a 14-50 outlet placed next to the car? Due to a long run, my outlet cost $1300.

 

[Gwgan]

Alternative Fuels Data Center
30% of your costs to install whatever alternative fueling gear you need.

 

[Gwgan]

Agree. Most people cannot get the vehicle tax credit and the charging infrastructure credit in the same year due to AMT rules.

The vehicle credit, and solar credit, are not limited or affected by AMT. If you make enough to take advantage of all that credit in one year you probably have to pay AMT so the small dollars you could get back from the charger credit will not be available to you. Anybody who owes AMT cannot get the charger credit.

 

[cpa]

Any unused solar credit can be carried forward. The vehicle credit cannot. And those above are correct in that the EVSE credit can only be utilized if your TMT is less than your regular tax. So, for those whose AGI is upwards of $850,000 or so (depending upon state of residence and other personal factors) it is very likely that you will be able to claim the EVSE credit as well as the vehicle credit.