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Anyone know if this applies only to additions to an already existing home? I built a house in 2017 and paid for extra wiring and a NEMA14-50. Does that count?
Yes; beware the dread AMT. This credit is not allowable against AMT. The odds are quite good that if one takes the $7,500 BEV credit, that one will not be able to claim the EVSE credit in the same tax year. Of course if your taxable income is so high that your regular tax less the $7,500 is > AMT, then congratulations!
Moreover, the credit does not carryover to future years. Use it in the current year or lose it.
It is available for both personal expenditures and business expenditures, although the rules are slightly different.
It’s truly stupid that they only extended it to a point of time in the past. If they are going to give a tax break, it should be to incent something. Extending it to an expired time does nothing of the sort.
And I’m still confused why people keep thinking the credit is only worth $300. It’s not limited to “30% of $1000” (which would be $300). It’s limited to “30% of total cost up or $1000, which ever is lower”. So, if your total cost was $3000, then the credit would be $900.
Good old AMT; when I bought my first Tesla I had the same experience. I got the $7500 credit for the car but AMT wiped out the credit for the wall unit. Now I just got my Model 3 and I’ll again get the $7500 for the car but the two 2nd gen wall units I installed in December will be nullified by AMT.Only problem with this credit vs the EV Tax credit is this one is subject to the AMT. So I wasn't able to claim it years ago when I bought my Volt even though I was able to claim my $7500 credit. (And I had plenty of tax liability to get both if I had been able to).
Good old AMT; when I bought my first Tesla I had the same experience. I got the $7500 credit for the car but AMT wiped out the credit for the wall unit. Now I just got my Model 3 and I’ll again get the $7500 for the car but the two 2nd gen wall units I installed in December will be nullified by AMT.
I'm confused. Sorry for my ignorance but I'm not a tax person. If you just got your Model 3 and you installed the wall chargers in December wouldn't that be two separate tax years? I ask because I just installed two chargers in October 2017 and I'm expecting my 3 in the next few weeks or so.
We also bought Tesla's corded UMC charging cable/connector and mounting bracket to leave attached to the wall (instead of pulling out the mobile one from our car all the time) so thinking that would also be included. Saw the part about the permit (noted above) being excluded.
This may be all for naught however in our case. We were reading the third thread mentioned in OP's first post on the 14-50, and my husband reminded me that we always get whacked by the AMT. We'll submit our paperwork for the install to our accountant anyway and if it can be used or not for this year.
IRS statement effectively saying they're working on new forms
Turbo tax FAQ saying new forms are being worked on & software will be updated