Federal EV Tax Credit Question

You purchased (not leased) the car in 2018. Claim the credit.

 

In your situation I would claim the credit. Even without a good reason like you have, if the law says purchased in 2018 you’re good. Not sure how they’d prove “intended for resale” unless you put an ad up right after buying it.

 

Intended for resale is aimed at dealers so they don't claim the tax credit after "purchasing" the car from the manufacturer..
Google is your friend:
What is goods purchased for resale? definition and meaning - BusinessDictionary.com

 

According to TurboTax the FORM 8936 is not yet available for 2018. But assuming same guidance as 2017, I agree with the above posters that you should assume you qualify, espeically if you held the car some months.

State situation could be different. if Ca. keep in mind they boost plug-in benefits to lower incomes, but I think you do need to own the car for some years

I recall back in the days West Virginia was giving $7500 credit for PiP and Fed Credit was $2500, so one guy got a 2012 PiP for like $15k net. A few years later he was selling PiP here for $21k.

 

Where are you seeing this? I saw something along the lines of the form not being available, but it was for 2017 returns, saying the form would be available March 2017

 

About Form 8936 | Internal Revenue Service

The 2017 form is still posted; many 2018 forms were scheduled to be released this month , but with the partial govt shutdown who knows when they will appear

 

I am just saying that I have already purchased TurboTax 2018, so to help answer the OP's question I decided to make a hypothethical plug-in vehcile purchase. Turbo Tax gives a message that the 2018 plug-in tax forms are not yet ready. It always mystifies me that there is any delay, because it is the same 8936 form every year. But that would be the best way to see if there are any unexpected rule changes.

Now let me check the acceleration on this hypotheical Prime...nice!

 

Sorry, had no idea there was a different form for the new year!

 

Usually the difference is the year at the top right corner of the form!

(Although this year there were enough changes in the law and forms that it is anyone's guess! I bet even the IRS hasn't figured it out yet )

 

I got a similar question, what If I decided to trade my Prime in to a CarMax and buy say a Nissan Leaf.
I got the car in 2018, so I'll be claiming the tax credit this year. If I do this, would there be a penalty on my end? I've been trying to find some info but no luck.

With the Leaf, I plan to claim the $7,500 in 2020.

I live in CA, I believe the $1,500 state credit, I will have to give a certain amount of back depending on how many months of ownership.

More so concerned if the tax credit is similar to the state credit.

Thanks!

 

We are waiting to see if the 2018 forms have any new guidance, but up until now there has not been a holding time limit we are aware of (re: Federal credit).

 

ah ok. It'll be great if there wasn't. But wouldn't make the jump to another EV with longer range. Sadly the 2019 prime is exactly the same with zero improvements.

 

For those interested, just checked the HR block website and it seems like the form is available with them

Federal Tax Form Updates for Tax Preparation Software | H&R Block®

I'm assuming it's the current one, since there are others that aren't available yet with the date that they will be posted

 

I am thinking it is not yet final,.but they know pretty much the draft form is not changing. I see no changes this year that would require holding period.

 

I purchased a Prime in 2018 and went to my accountant today to get my taxes done. He informed me that I would not be able to receive the tax credit yet because at this point, Congress has not yet voted on whether or not to renew it. Until they do, no tax credit. If they do renew it, he said we can then apply to have the amount refunded.

 

Your accountant is wrong. Fire him. I already got my full credit and I filed last month.

 

When did you purchase your Prime - last year or this year? If last year you should be OK, if this this then you have to wait until you file your taxes next year.