[mrvoltage]

Hi All,

I was hoping to wait for the 2017 model year car because I want the ACC but am having a bit of a problem.

My 2016 tax year was very lucrative and I would definitely be able to claim the full $7500.00 tax credit. I'm worried my 2017 tax year won't be as high.

I'm wondering if I preoder the 2017 in 2016 if this would place the sales receipt in the 2016 tax year so that I could claim it on my 2016 taxes.

Anyone have experience with this?

 

[noah82]

You will most have to take delivery of the car this year in order to claim the credit, so unfortunately that won't work for you.

 

[Jim Fallston Md.]

Your 2016 tax year is the future. You are saying your 2015 was very lucrative. If you buy before 1/1/2016 you will be able to take the credit in your 2015 tax forms. If you buy after 1/1/2016 you will not be able to see the credit until you file your 2016 taxes in 2017.

 

[bonaire]

2017 model year will be slightly changed. But here is an idea.

Buy the oldest, cheapest new Volt you can find out there. Like a 2013 demo from a dealer with high mileage but low price, such as $23k or less and take the tax credit. Do it before year end. Keep it for 2 years and get 2017 some time in late 2017 and probably can get one by trading in the Gen 1 and still getting a deal on the price of the nearly year old 2017. Have you had a Volt yet? Any other plug in?

 

[llninja]

Your 2016 tax year is the future. You are saying your 2015 was very lucrative. If you buy before 1/1/2016 you will be able to take the credit in your 2015 tax forms. If you buy after 1/1/2016 you will not be able to see the credit until you file your 2016 taxes in 2017.

First part is true. The part about not seeing your credit until 2017 is not necessarily true. If you are pretty certain you can claim the entire tax credit, you could turn off witholdings altogether until you've pocketed that extra $7500 starting Jan 1 2016 then turn it back on.

Also, if the OP doesn't have enough earnings, but has some money squirreled away in IRAs or an old employer's 401k, they could do a rollover and do a Roth conversion to create a tax burden to get to the full tax credit. Or, take on a part time job delivering pizzas to increase the income. Don't roll over and play dead that your income is smaller than usual. Get out there, kill something, and bring it home.

 

[sunshineinmytank]

I researched this in depth. The only date that matters is the date of delivery, but even more importantly, the date the car is 'ready to be put into service'. e.g. You can't buy it on Dec 20th and simply leave it at the dealership and pick it up on Jan 1 claiming that's the delivery date. IRS wants to know when it was 'ready for pickup'.

I have the a similar problem (though in reverse: I want to buy a '16 now but have it ready in 2016) as I want to buy the car in late 2015 or Jan 1 and I need it to be 'ready' between Jan 1st and 4th. The Costco card is only good until Jan 4th. I put a solar PV system on my roof which has rollover credits. The EV credit is good for - ONE YEAR ONLY - which in my case makes the most sense in 2016. I'll use the solar credits for 2015 and hopefully 2017. The EV credit for 2016. Complicated, but I think I have it planned out correctly.

I hope this helps.