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Tax Credit question for 2012 buyers

Discussion in 'Model S: Ordering, Production, Delivery' started by Plug Me In, Jun 20, 2013.

  1. Plug Me In

    Plug Me In Member

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    For those of you who bought your Model S in 2012:

    Any problems with your tax credit on your return this year? I bought a Plug-In Prius last year, submitted my return with the $2500 credit in March. I got my refund minus the $2500 credit. I appealed and am still waiting for the cash. I've read on the internet (so it must be true) that there were delays as the IRS sifts through the returns in detail because many people try to take the credit for buying a regular Prius. I'm curious if my delay is Prius specific or a broader issue. I was also subject to AMT, so I'd be reassured to hear from those of you in a similar boat who didn't have problems.

    I'm also considering a solar installation for this year. Anyone experience problems with getting tax credit for the Model S in addition to a solar installation?
     
  2. steve841

    steve841 Active Member

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    LOL .. I will let you know ...my return will be filed this week with a refund due..
     
  3. brianman

    brianman Burrito Founder

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    The $7,500? Already received and spent.
     
  4. montgom626

    montgom626 Active Member

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    Call the IRS.
     
  5. DavidM

    DavidM P2624, Delivered

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    My Model S was delivered on Dec. 23rd. I mailed in a paper return on 4/9/13 (Turbo Tax), and received my refund (inclusive of the $7,500) on 5/7/13. We used the refund to purchase a High Efficiency Heat Pump (18.5 SEER), which has lowered our electric bill substantially (about a $65/mo reduction, so far). The reduction should be about $80/mo. by Aug/Sep. That reduction more than covers the cost of fuel for our Model S (about $40/mo for 1,000 miles of driving). Next year, we'll have a $300 Tax Credit coming for the Heat Pump purchase.
     
  6. CapitalistOppressor

    CapitalistOppressor Active Member

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    I have an mental image of a giant pile of cookies and an entire regiment of happy Girl Scouts :)
     
  7. PeterW

    PeterW Member

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  8. swaltner

    swaltner Member

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    It wasn't in conjunction with a EV purchase for 2012 (that will come on my 2013 taxes with a pending Leaf purchase), but I filed and received the credit for a solar panel installation done in July 2013. The only issue with this was that the IRS wasn't accepting returns with this form right away, so my return was delayed. TurboTax refused to let me electronically file initially, but after waiting until closer to the deadline, it let me file electronically. I was happy to see the return went through and I got the full 30% credit.

    The panels are working great. 5 kW system in place for just under 11 months and having generated 6.65 MWh of electricity. That's totally covered my electric usage since installation, although with excess NetMetering credits expiring at the end of the calendar year, I paid $14 total for electricity usage in Jan and Feb before production picked up and I could cover my normal usage. With the tax credit, my payoff time is something like 15 years, where it would have been 22 years without it.

    I have heard on the Leaf forum that people that claimed both the $7,500 EV credit and the EVSE credit in the same year ran into some AMT issues that kept them from claiming both. The general idea was to try and split those across a tax (calendar) year to avoid that issue.
     
  9. brianman

    brianman Burrito Founder

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    Way more fun than what I spent it on. I totally need to keep you on speed dial for next time I have some money to spend.
     
  10. gmtom1

    gmtom1 Member

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    Has anyone claimed the EVSE credit for the cost of their 240V line install in their house to plug in the UMC?
     

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