Electric Car Tax Credit 2018 Form

The credit amount will vary based on the capacity of the battery used to power the vehicle.

Electric car tax credit 2018 form.

See the instructions for the applicable form for more information. The credit for qualified two wheeled plug in electric vehicles has been extended to cover vehicles acquired in 2018 2019 and 2020. Washington the irs announced today that tesla inc. After that part iii assuming the car was not a business investment you ll go through the process of subtracting the credit from your taxes owed on form 1040 line 47.

Use form 8936 to figure your credit for qualified plug in electric drive motor vehicles you placed in service during your tax year. With the vehicle identification number vin and certificate from the dealership the first part will be easy. Federal tax credits for new all electric and plug in hybrid vehicles federal tax credit up to 7 500. If you purchased a new vehicle that runs on electricity drawn from a plug in rechargeable battery you may be eligible to claim the qualified plug in electric drive motor vehicle tax credit which can reduce your tax bill.

In order to take the credit you must file irs form 8936 with your return and meet certain requirements. Enter the qualified electric vehicle passive activity credits allowed for your current tax year from form 8582 cr passive activity credit limitations for individuals estates and trusts or form 8810 corporate passive activity loss and credit limitations for corporations. The 30g g credit is claimed on form 8934 qualified plug in electric and electric vehicle credit pdf. The phase out of federal tax credits on the purchase of chevrolet plug in electric vehicles began when its gm parent hit its 200 000 unit cap at the end of 2018.

Hopefully that number exceeds 7 500 for the tax year. Has sold more than 200 000 vehicles eligible for the plug in electric drive motor vehicle credit during the third quarter of 2018 this triggers a phase out of the tax credit available for purchasers of new tesla plug in electric vehicles beginning jan. Irs form 8936 irs. Ir 2018 252 december 14 2018.

Line 4b is used to reduce the credit for certain vehicles purchased after 2018. Its stepped phase out to 50 started on april 1 2019 and continued until sept. The 30d a credit is claimed on form 8936 qualified plug in electric drive motor vehicle credit including qualified two or three wheeled plug in electric vehicles pdf.