someone in a dealership once mentioned one person can only get one Fed tax credit on two Prime (or same kind of electrical cars), but I'm not sure he's right. After all, if I need to get two cars and want to buy two clean cars, why only incentivize one of them not the other? Does anyone have experience on this? Online search seems to not find such a limit (one tax credit per year). Thanks!
I'm not an tax expert, so not sure of the correct answer, but I think the answer is no. I think you are allowed to claim second one, if you buy in following year and claim it on that year's tax return. For example, buy one in Dec 2018 and claim it against 2018 tax return, then buy another one in Jan 2019 and claim it again on 2019 tax return (provided that the tax credit still exist then). I actually thought about buying a second PRIME this year, but decided not to. In my case, even if I am allowed to claim two cars, I would not have had large enough tax liability (2 time $4,500 or $9,000 tax liability) to take advantage.
I haven't heard of such a limit, but you do have to take the credit in the year the car entered service. For many, getting full value of the tax credits for two cars in the same year isn't possible.
Check with your tax advisor. Personally I don't see anything that would prohibit it. Assuming your tax liability is sufficient of course. FWIW multiple discussions in th Tesla and Intuit support sites say multiple tax credits in one year are ok. Provided you owe enough in tax.
You can claim as many tax-credits as you have tax-liability to cover. If you don't pay that much in taxes, you won't get as much. Otherwise, there's no restriction. In our case, we purchased 2 Primes in the same year and got 2 tax-credits back from our joint filing. That's $9,004 from the two $4,502 claims combined last year.
Thanks a lot everyone! Yes I asked CPA today too and he's confirming what you guys said based on the form for tax credit. One can get multiple in a year for sure.
