Oof! You're right, but too much risk for not enough reward for me.You could buy a new one and sell one of the freebies.
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Oof! You're right, but too much risk for not enough reward for me.You could buy a new one and sell one of the freebies.
Oh wow, I didn't realize ONLY the UWC was compatible with Powershare.Btw, make sure only the Tesla universal wall connector (effectively gen 4) is purchased and not the gen 3. The UWC is compatible with the Cybertruck vehicle to load/home charging. Note it’s one of the necessary components but the point is the gen 3 is not compatible. UWC now only.
Amazing that rhe CT equals a Powerwall 3 in size the V2L
Household Electrification Savings Calculator A tax credit for alternate fuel/ ev chatting does not shower up when I search my zip code in the previously linked website.Property must be located in an eligible census tract.
Property placed in service after 2022 will not be treated as qualified alternative fuel vehicle refueling property unless the property is placed in service in an eligible census tract.
Eligible census tract.
For this purpose, an eligible census tract is any population census tract that:
- Is described in section 45D(e), or
- Is not an urban area.
For this purpose, an urban area is a census tract (as defined by the Bureau of the Census) that, according to the most recent decennial census, has been designated as an urban area by the Secretary of Commerce.
Strange, my CPA did not say anything about the credit being limited to certain census tracts. And I am also (hopefully!) getting a substantial tax credit of 30% for my solar installation that was completed in 2023.For those planning on the 30% tax credit for installing an ev charger, do you all live in a "rural" census tract?
I was trying to understand the credit from the form 8911 instructions and it seems like they have blocked most populated zip codes from being able to receive the credit?
Instructions for Form 8911 (01/2023) | Internal Revenue Service
Household Electrification Savings Calculator A tax credit for alternate fuel/ ev chatting does not shower up when I search my zip code in the previously linked website.
This is a bummer, unless I'm not reading correctly...
Btw, make sure only the Tesla universal wall connector (effectively gen 4) is purchased and not the gen 3. The UWC is compatible with the Cybertruck vehicle to load/home charging. Note it’s one of the necessary components but the point is the gen 3 is not compatible. UWC now only.
Amazing that rhe CT equals a Powerwall 3 in size the V2L
The new UWC is only needed if you don't already have a Powerwall.Oh wow, I didn't realize ONLY the UWC was compatible with Powershare.
For those planning on the 30% tax credit for installing an ev charger, do you all live in a "rural" census tract?
I was trying to understand the credit from the form 8911 instructions and it seems like they have blocked most populated zip codes from being able to receive the credit?
Instructions for Form 8911 (01/2023) | Internal Revenue Service
Household Electrification Savings Calculator A tax credit for alternate fuel/ ev chatting does not shower up when I search my zip code in the previously linked website.
This is a bummer, unless I'm not reading correctly...
Well, Crap!Strange, my CPA did not say anything about the credit being limited to certain census tracts. And I am also (hopefully!) getting a substantial tax credit of 30% for my solar installation that was completed in 2023.
I will ask him.
this new location requirement eliminates the credit for the vast majority of people buying teslas or other evs. What is the IRS logic behind this new rule? Are they anti-ev?For the EVSE installation credit (this does not apply to other items):
You can look up your census tract HERE. Enter your address, then look for GEOID under "Census Tracts". If that 11-digit number is in the IRS' Appendix A or B (one for rural tracts, one for low income - see HERE) then you can take the credit. Mine isn't; too bad as I installed two EVSEs in November.
Better yet, there is an unofficial map HERE. You can just zoom in on your house; if it is in an area drawn in green, beige or gray then your tract qualifies. If drawn in normal color, you don't. But it can be fun to see how close some neighbors are that do qualify.
It's probably means-testing, inserted into the legislation at the insistence of a Congressperson or two, to make sure people who make "too much" money don't get the credit. We here in the US are very hung up on making sure that only people who "deserve" it get benefits, rather than following the rising-tide-lifts-all-boats model. But I digress.this new location requirement eliminates the credit for the vast majority of people buying teslas or other evs. What is the IRS logic behind this new rule? Are they anti-ev?
this new location requirement eliminates the credit for the vast majority of people buying teslas or other evs. What is the IRS logic behind this new rule? Are they anti-ev?
It's probably means-testing, inserted into the legislation at the insistence of a Congressperson or two, to make sure people who make "too much" money don't get the credit. We here in the US are very hung up on making sure that only people who "deserve" it get benefits, rather than following the rising-tide-lifts-all-boats model. But I digress.
Not only was I not able to write off the cost of installation, I had to pay income taxes on the two chargers I received through referral credits.By the way, my accountant just filed my 2023 taxes, and, to my surprise and disappointment, my EVSE installation costs were not allowed. Wading through my Form 8911, in 2023 there is a new set of lines that compare the "Net regular tax" (taxes paid less credits received, for me the EV purchase credits) to the "Tentative minimum tax" which is a measure of AMT (alternative minimum tax). Since the "Net" was smaller than the "Tentative," the credit for EVSE was disallowed. This was not the case for 2022 and earlier.
It's a bit head-spinning, but this is certainly a means-testing mechanism to disallow the "Alternative Fuel Vehicle Refueling Property Credit" for higher-income filers.
Bottom line: Be careful, going forward, you may not qualify for those lovely EVSE credits.
yeah i was never aware of the income rule, need to be in specific location to qualify, if i knew before I bought the wall charger i probably would have gotten the mobile outlet charger which is sufficient for my needsBy the way, my accountant just filed my 2023 taxes, and, to my surprise and disappointment, my EVSE installation costs were not allowed. Wading through my Form 8911, in 2023 there is a new set of lines that compare the "Net regular tax" (taxes paid less credits received, for me the EV purchase credits) to the "Tentative minimum tax" which is a measure of AMT (alternative minimum tax). Since the "Net" was smaller than the "Tentative," the credit for EVSE was disallowed. This was not the case for 2022 and earlier.
It's a bit head-spinning, but this is certainly a means-testing mechanism to disallow the "Alternative Fuel Vehicle Refueling Property Credit" for higher-income filers.
Bottom line: Be careful, going forward, you may not qualify for those lovely EVSE credits.
US numbers are off, both employees and employers pay 6.2% for social security/ medicare (FICA) 12.4% combined.View attachment 1021424
Seems the other countries close the gaps, provide more social safety net by crushing sales/consumption taxes
we dont have it too bad here, but def HATE taxes, the necessary EVIL
Maybe they don't feel so crushed:View attachment 1021424
Seems the other countries close the gaps, provide more social safety net by crushing sales/consumption taxes
we dont have it too bad here, but def HATE taxes, the necessary EVIL