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Discussion Starter #1
Have some basic questions.
1. Will the $7500 tax credit still be in effect this year 2018?
2. I took the full $7500 credit on my federal return for my first Volt. Can I take another $7500 for a new 2018 that I'm looking to buy.
3. The credit is max. $7500 Is that 30% of the purchase or ?
Thanks in advance for your input.
Al
 

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Have some basic questions.
1. Will the $7500 tax credit still be in effect this year 2018?
2. I took the full $7500 credit on my federal return for my first Volt. Can I take another $7500 for a new 2018 that I'm looking to buy.
3. The credit is max. $7500 Is that 30% of the purchase or ?
Thanks in advance for your input.
Al
1) Yes, the full $7500 tax credit should be in effect for qualifying Chevrolet vehicles through the end of Q4 2018, and Q1 2019.
2) You can take advantage of the tax credit once per year.
3) The tax credit is not a tax refund. It is a tax credit against any federal income tax that you owe for a given tax year. Example: If you end up owing $7500 in federal income tax and claim the full $7500 tax credit you would owe no federal income tax. Any federal income withholding for the year would be refunded to you or you could apply some of the refund to next years federal income tax. Reasons you might claim less than the full $7500 tax credit include the vehicle only qualifying for a portion of the $7500 amount depending on the battery size and range and if the tax credit has started to phase out for the manufacturer as will happen soon to GM and to Tesla. If you only owe $5000 in federal income tax then that is the maximum credit you can claim. You cannot carry over any unused tax credit to the following year.
 

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...2) You can take advantage of the tax credit once per year...
I thought you could take the credit for as many cars as you purchased in one year, as long as each vehicle is eligible and you have sufficient tax liability (e.g. $15K for two vehicles). I could be wrong...
 

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I thought you could take the credit for as many cars as you purchased in one year, as long as each vehicle is eligible and you have sufficient tax liability (e.g. $15K for two vehicles). I could be wrong...
Two credits per year and you can't carry this credit forward.
 

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I would wait till 2019’s are out before buying
 
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