Any accountants or tax lawyers out there? The way I read the law, we could theoretically claim a tax credit of 30% of the cost, up to $1,000, for "fueling equipment". So, if we separately purchase the HPWC after the fact, and get the tax credit for it plus the install. Is this right? See below:
Alternative Fuel Infrastructure Tax Credit
Fueling equipment for natural gas, liquefied petroleum gas (propane), electricity, E85, or diesel fuel blends containing a minimum of 20% biodiesel installed between January 1, 2006, and December 31, 2013, is eligible for a tax credit of 30% of the cost, not to exceed $30,000. Fueling station owners who install qualified equipment at multiple sites are allowed to use the credit towards each location. Consumers who purchased qualified residential fueling equipment prior to December 31, 2013, may receive a tax credit of up to $1,000. Unused credits that qualify as general business tax credits, as defined by the Internal Revenue Service (IRS), may be carried backward one year and carried forward 20 years. (Reference Public Law 112-240 and 26 U.S. Code 30C and 38)
there must be more to it as i put the cost into turbo tax and got no tax benefit for it. TT didn't tell me why i didn't qualify though...
I pointed this out to my accountants & they thought I would get a 30% credit on my NEMA 14-50 install at my home.
I heard you can't take the EVSE credit if you pay AMT.
http://www.teslamotorsclub.com/showthread.php/12314-New-quot-Fiscal-Clif...
Be sure to check it out. Before our Leaf came we had the charging station installed. In 2010 if you got it done before 12/31/10 they were offering 50% up to $2000. We didn't even get the Leaf until May 2011. Well worth it.
There is form to fill out of course. Good luck.
http://www.teslamotors.com/forum/forums/delayed-filing-ev-federal-tax-cr...
This could explain why these forms and associated credits are not yet available in 2012 tax preparation software.
that explains it - i finished my taxes in TT but it says I cannot file yet until they get the final updates from the irs.
The IRS is way behind this year from what I can tell. They don't even have the 2013 withholding calculator up yet.
I believe it's 30% of the install cost up to a certain amount.
@fluxemag
That is all correct, the IRS is not even accepting Tax returns yet.
Actually, the IRS is accepting tax returns (as of Jan 30) as long as it doesn't require one of the forms that isn't ready yet. I e-filed my sister's last Sunday, and her refund is already in the queue.
Another heads up. For those who itemize, the Fiscal Cliff legislation restored the state sales tax deduction in lieu of state income tax deduction for tax years 2012 and 2013. After you run the IRS calculator for your allowable sales tax deduction, you are allowed to add the sales tax on big ticket items (cars, boats, motor homes, planes) on top of that. I paid over $6K CA sales tax on my Model S and will make out better that way for 2012 taxes.
I contacted my tax person. They are very good. She told me the charging station federal tax credit is 30% up to $1,000 and was renewed for purchases in 2013. Got for it.
But as mentioned above, the credit cannot be used against the AMT.
I understood it to be that the credit is for expenses on the install, but using the install date not the payment date. So paying for the HPWC in 2012 but installing in 2013 means claiming next year...at least these are my dates.
I just went through this with TurboTax. You get $0 of this credit if the charging station is only used for personal use. If you check the box that says, "I use this station for a business vehicle", then it asks you to enter your "Business Use Percentage". The resulting tax credit is:
(Cost_of_charging_station) * (30%) * (Business_use_percentage)
@Schlermie
If that is what Turbo Tax says, it is incorrect, or perhaps you filled it out incorrectly.
Just checked Turbo Tax and the requirements specifically state that if you pay AMT, you are not eligible for the Charging Station Credit.
If you don't pay AMT, then any equipment whose sole purpose is to charge your Tesla and is located on your home's property, is eligible for the credit. (30% of cost up to $1000. So if you paid $2700, then your credit amount would be $810. That amount will be deducted from what you paid in tax for the year. If for some reason you paid less than the $810, you won't get the full amount. Disregard any amount you may owe or get back at the end of the year - it goes by your actual tax obligation.)
No, I'm not a tax accountant - so feel free to correct me.
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