Tax Credit Eligibility Question.....

[chris22104]

I know this is more of an accountant question, but I'm just throwing it out there in case anyone has already been through this.....Does anyone know if there is any eligibility for a tax credit (now that it's tax time,) if I've bought a used EV (roadster) in this past calendar year? I know there is for new roadsters, but I'm unsure of any allowances for used EV's? Anyone look into this in the past? Thanks guys! Chris

 

[yobigd20]

I know this is more of an accountant question, but I'm just throwing it out there in case anyone has already been through this.....Does anyone know if there is any eligibility for a tax credit (now that it's tax time,) if I've bought a used EV (roadster) in this past calendar year? I know there is for new roadsters, but I'm unsure of any allowances for used EV's? Anyone look into this in the past? Thanks guys! Chris

I am pretty sure the answer to this is no... the federal tax credits are for 'original' owners of the new vehicle only. if you install charging equipment at home though I think there is a discount for that.

 

[ChadS]

While there have been some proposals, I don't know of any tax credits, federal or otherwise, for used EVs. The $7,500 federal tax credit is only for new EVs (and only for 16kWh or greater...there are lesser rebates for smaller packs in some PHEVs). This credit expires based on the number of vehicles sold per manufacturer; no manufacturer is even close to the limit yet.

The federal EVSE and 2-and-3-wheel EV tax credits had expired at the end of 2011, but just a month ago were re-instated and made retroactive; so if you bought an electric motorcycle or installed an EVSE in 2012, you can take those. They are currently set to expire at the end of 2013.

 

[montgom626]

Nope, not for used in USA.

 

[dgmanny]

Is there any restriction for getting multiple $7,500 credits if you buy multiple EV vehicles? I am about to finalize my model s order and bought a volt in 2012 and getting the credit for the volt. Thanks.

 

[ChadS]

I have never seen or heard of any such restriction. If you take a whole bunch the IRS might look in to it; but as long as you really bought the cars for your own use, I think it will be fine.

Of course I am not a tax lawyer.

 

[yobigd20]

Is there any restriction for getting multiple $7,500 credits if you buy multiple EV vehicles? I am about to finalize my model s order and bought a volt in 2012 and getting the credit for the volt. Thanks.

If you are claiming two, then you'll need to have at least $15,000 in federal tax owed to get all of that $15k back. But it looks like you'll be claiming the Volt on your 2012 return and the Model S on your 2013 return, so instead you'll need to owe $7500 to the feds this year and at least $7500 owed next year too. Assuming you make money somehow and not just filthy rich with no actual taxable income, you should be fine

 

[dgmanny]

Thanks for the feedback. I finalized my Model S. I have to say that driving the Volt convinced me of the enjoyment of driving electric and pushed me into buying the Model S.

 

[Robert.Boston]

The Volt as a gateway drug...addictive, eh?

 

[dgmanny]

Right. Now the question is what strength of drug. P85 or nonperf85.

 

[yobigd20]

Right. Now the question is what strength of drug. P85 or nonperf85.

I recommend overdosing.