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"For vehicles acquired after December 31, 2009, the credit is equal to $2,500 plus, for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt hour of battery capacity in excess of 5 kilowatt hours. The total amount of the credit allowed for a vehicle is limited to $7,500."

In line 4 you enter 7500 as the tentative credit as shown at https://www.irs.gov/businesses/qualified-vehicles-acquired-after-12-31-2009 and then go on from there.

I am not a tax consultant :)
 

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I was downloading the 2016 form below
https://www.irs.gov/pub/irs-pdf/f8936.pdf

And it still says in line 15 that " Maximum credit per vehicle. If you skipped Part II, enter $2,500"

I know the credit is $7500 as stated below
https://www.irs.gov/businesses/30d-...ive-motor-vehicles-general-motors-corporation

but I still find this confusing.
Line 15: If you skipped Part II, enter the amount from line 4. If you completed Part II, subtract line 6 from line 4.
If the vehicle has at least four wheels, leave lines 16 and 17 blank and go to line 18

Line 18:
"For vehicles with four or more wheels, enter the amount from line 15. If the vehicle is a two-wheeled
vehicle, enter the smaller of line 16 or line 17
"

Lines 16 and 17 apply to two-wheeled vehicles, which have a limit for personal use of $2,500 or allow for a 10% credit.
If you simply follow the form instructions step by step you shouldn't even look at 16 and 17.

(It reminds me of those personality tests where you have are given two minutes to complete a test with many questions, with the instructions to read all of the test paper first. At the bottom it says something like "Answer only question 1.")
 

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For line 15 it says
If you skipped part ii (didn't use it for business) then then enter the value from line 4 ($7,500). It then says to skip lines 16 and 17 if your vehicle has at least 4 wheels (I'm pretty sure your Volt does).

For line 18 it says to enter the value from line 15.
 

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For line 15 it says
If you skipped part ii (didn't use it for business) then then enter the value from line 4 ($7,500). It then says to skip lines 16 and 17 if your vehicle has at least 4 wheels (I'm pretty sure your Volt does).

For line 18 it says to enter the value from line 15.
 

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I've been wondering but never knew where to ask...does the tax credit apply for Certified Pre-Owned? Or does it have to be a new vehicle? I'm wondering if I can claim credit for mine or not.
 

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Dang...so the corporation that owned it for 500 miles gets the tax break and I don't >_>
Hopefully you paid at least $7,500 less for it when you bought it. I've seen reports of dealers using the tax credits for themselves after driving the car a few hundred miles and selling it for $9k less.
 

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Hopefully you paid at least $7,500 less for it when you bought it. I've seen reports of dealers using the tax credits for themselves after driving the car a few hundred miles and selling it for $9k less.
I paid $30k out the door incl. fees/tax/etc...I think a '16 with the same features was normally about $36k. The dealer got it at an auction; the only thing I know about the history of the car is that it was a "corporate fleet vehicle" sold originally in California, so I suppose it's plausible that a dealer in CA did that...grrrrrrr
 

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I bought my 2017 Volt for the purpose of using it for my business use, as I am a freelance musician who drives to a lot of gigs. I never knew or suspected that I would get less than the full $7500 tax credit. But, now after seeing this thread and seeing the actual tax form, I'm not so sure.

Can somebody with tax knowledge please verify this information for me...if I am going to use the 2017 Volt for business miles, will I still be able to get the full $7500 credit, or am I only able to receive a percentage of that $7500 based on the amount that I am using the car for my business mileage?
 

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I paid $30k out the door incl. fees/tax/etc...I think a '16 with the same features was normally about $36k. The dealer got it at an auction; the only thing I know about the history of the car is that it was a "corporate fleet vehicle" sold originally in California, so I suppose it's plausible that a dealer in CA did that...grrrrrrr
Arcanox - PM sent
 

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I bought my 2017 Volt for the purpose of using it for my business use, as I am a freelance musician who drives to a lot of gigs. I never knew or suspected that I would get less than the full $7500 tax credit. But, now after seeing this thread and seeing the actual tax form, I'm not so sure.

Can somebody with tax knowledge please verify this information for me...if I am going to use the 2017 Volt for business miles, will I still be able to get the full $7500 credit, or am I only able to receive a percentage of that $7500 based on the amount that I am using the car for my business mileage?
Unfortunately this is impossible to answer without knowing your tax liability. If you have enough tax liability to take you under 7500 than you will not receive all of the credit.
 

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I was downloading the 2016 form below
https://www.irs.gov/pub/irs-pdf/f8936.pdf

And it still says in line 15 that " Maximum credit per vehicle. If you skipped Part II, enter $2,500"

I know the credit is $7500 as stated below
https://www.irs.gov/businesses/30d-...ive-motor-vehicles-general-motors-corporation

but I still find this confusing.
Interpreting the tax code with instructions so that we (i.e. taxpayers) can comply makes it overly complex, highly-ambiguous gibberish.
 

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I've been wondering but never knew where to ask...does the tax credit apply for Certified Pre-Owned? Or does it have to be a new vehicle? I'm wondering if I can claim credit for mine or not.
MSO? If never titled you'd be good to go. *Not a Tax consultant*
 

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Unfortunately this is impossible to answer without knowing your tax liability. If you have enough tax liability to take you under 7500 than you will not receive all of the credit.
No problem regarding tax liability...mine is higher than $7500. My question is about the fact that I will be using the car for my freelance musician business, claiming mileage for tax. About 25% of my total mileage is for business use, the rest is for personal use. I have to fill in Part II of the form. It is confusing to me, but it looks like you can only claim part of the total credit based on the percentage that you are using the car for business use. However, in part III it looks like you can claim whatever you didn't claim in Part II for personal use.

It would seem odd to me that because of my business use of the car that I wouldn't be able to receive the full amount of the tax credit, $7500. The form is confusing to me...will I be able to receive the full credit even though I use the car for business mileage some of the time?
 

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MSO? If never titled you'd be good to go. *Not a Tax consultant*
The CarFax report says "10/01/2015: Titled or registered as corporate fleet vehicle" in Michigan. It was sold the same day in California. 500 miles and 6 months later it was sold in Michigan at an auction, which is where the dealer that sold it to me finally got it.
 

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No problem regarding tax liability...mine is higher than $7500. My question is about the fact that I will be using the car for my freelance musician business, claiming mileage for tax. About 25% of my total mileage is for business use, the rest is for personal use. I have to fill in Part II of the form. It is confusing to me, but it looks like you can only claim part of the total credit based on the percentage that you are using the car for business use. However, in part III it looks like you can claim whatever you didn't claim in Part II for personal use.

It would seem odd to me that because of my business use of the car that I wouldn't be able to receive the full amount of the tax credit, $7500. The form is confusing to me...will I be able to receive the full credit even though I use the car for business mileage some of the time?
This is similar to my situation, but in my case my business pays for my car. I'm trying to figure out how much I'll actually get as a credit for my personal account. I may have to clarify this with the business and our tax advisor, though. The problem is I have someone do my taxes and the business has a different tax person; I might have to have them confer over this.

I used to always do my own taxes, but once I got a family, there were deaths in the family such that we got inheritance, I became involved in a business, etc., they became too complex to do in a reasonable time. Heck, it takes me a weekend or more just to gather all my data in a clean, organized format, and I haven't even started to do taxes. It would take me another several weekends to actually do the taxes, even with a program. So, we pay for someone to do them.
 
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