I used TurboTax and it asked if I bought a electric or hybrid vehicle and for the make, model, etc. and the vin number. Asked for battery capacity and it figured out the credits right there and transferred it to my state, even though my state (GA) ran out of credits years ago.I imagine lots of folks on this site have gone through the process getting the tax rebate back from the IRS. Was it difficult?
The federal tax credit for alternate fuel/electric vehicles is not a tax rebate. You need to have had sufficient taxable income in the tax year that you are claiming the credit for the purchase of an eligible vehicle. So for 2018 you must have taxable income that resulted in you owing at least $7,500 in federal income tax for the year (or else claim only a portion of the $7,500 credit up to the amount of tax you owe.) You must purchase, not lease, and take delivery of the qualifying vehicle by December 31, 2018 to claim the tax credit for this tax year.I imagine lots of folks on this site have gone through the process getting the tax rebate back from the IRS. Was it difficult?
Your Sales Agreement should state that the vehicle was New. The GM paperwork alluded by the finance guy may be the Manufacturer's Statement of Origin (MSO). Also, the federal vehicle mileage form must state the current mileage on the vehicle. Hopefully the dealer is honest, did not already take the federal tax credit for themselves.I just purchased mine this past Saturday. The FI guy at the dealer said that I should receive some paperwork from GM show the rebate eligibility. Has anyone received this paperwork? If so how long does it take? Thanks in advance for any help
I wouldn't worry about it, to be honest. It qualifies and there's no doubt that you'll still be entitled to $7.5k.I just purchased mine this past Saturday. The FI guy at the dealer said that I should receive some paperwork from GM show the rebate eligibility. Has anyone received this paperwork? If so how long does it take? Thanks in advance for any help
Mine actually doesn't. It says used. It was used by GM perhaps at a training center and has 4.5K miles on it.. But the dealer said the car had never been titled. I got the registration back from Texas department of motor vehicle and they specify the proof of title furnished by the dealer was the MSO. I have the MSO. I just ordered a certified title history just as backup. So I think I am going to take the credit. The carfax also shows no previous title.Your Sales Agreement should state that the vehicle was New. The GM paperwork alluded by the finance guy may be the Manufacturer's Statement of Origin (MSO). Also, the federal vehicle mileage form must state the current mileage on the vehicle. Hopefully the dealer is honest, did not already take the federal tax credit for themselves.
more here (see page 2): https://gm-volt.com/forum/showthread.php?325277-Dealer-titled-18-volt-took-tax-cred-sold-as-NEW/page2&highlight=original+sales
Thanks to all for the useful advice. The above comment is important. I had to cash in some Savings Bonds to pump up my federal tax bill in the year 2018 but converting an IRA to a Roth IRA would have the same effect.For those that don't have sufficient taxable income, converting a regular IRA to a Roth IRA will generate taxable income. May be a good time for that anyway.
I've never received anything from GM but magazines and "coupons".I just purchased mine this past Saturday. The FI guy at the dealer said that I should receive some paperwork from GM show the rebate eligibility. Has anyone received this paperwork? If so how long does it take? Thanks in advance for any help
I’ll add an additional query. With the higher standard deduction for tax year 2018, I probably won’t need to itemize unless I need to do so for this tax credit. But as a credit...will I need to itemize? Anyone know this? I expect someone who has done this in a previous year can tell me.
Thanks! I’d thought the installation credit was good only in certain states. Didn’t realize it was federal.The form number for the EV tax credit is 8936. The form number for an EVSE installation tax credit is 8911.
The $7,500 federal tax credit is for the purchase of an EV, not an "installation" credit.Thanks! I’d thought the installation credit was good only in certain states. Didn’t realize it was federal.
At one time there was a federal tax credit that could be used if you installed an EVSE at your home or business, it is no longer available. Some states provide a rebate on the purchase of a plug-in hybrid or EV, also some states have a rebate on the installation of a Level 2 EVSE provided it is a permanent installation.The $7,500 federal tax credit is for the purchase of an EV, not an "installation" credit.