ElectricMotorcycleForum.com
General Category => General Discussion => Topic started by: Chicamungo on January 21, 2017, 05:24:38 AM
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For everyone in the US, tax season is soon upon us. For many of us new EV owners, this is the first time we're going to be using the Federal Tax Credit for our bikes and accessories.
Would any of you who have gone through this process before of claiming the credit be able to share some info with those going through this the first time?
From my research, the Form 8936 is the credit for the vehicles, and the Form 8911 is the credit for the charger charging equipment (Elcon, Zero Quick Chargers, Digimon, etc). Is this correct?
I ask because the 8911 Form speaks in vocabulary that makes it seem like it's only for a charging station and not equipment on the vehicle itself. Would I still be right in using this form for my Supercharger purchase?
Last question, any recommendations for tax software, whether installed or online, for being able to submit these forms? I've always just filed online with free software from a big tax return company since I've always had simple taxes. But it looks like these forms are not available on the basic packages.
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The last time I got the tax credit it was for purchasing my 2014 S in January of 2014. While the credit might have officially expired by then, my tax independent preparer had no trouble entering the VIN and purchase date into the IRS tax form on-line. It accepted the information on the form, automatically totaled up the credit at the bottom of the form and I received the 10% credit against my tax bill. (My return was submitted on-line.) Apparently the IRS had not had a chance to update their on-line automated form and I guess the $2000 credit that I received wasn't worth their computer's time to ask for it back. ???
I might add that in 2012, when the credit was legal, I used a major tax preparing company and they were not able to deal with the EV credit for the purchase of my 2012 S, because their company had not updated their computer program to provide the EV credit form. It apparently was the last item on their upgrade agenda and it took them months before they tackled that task. Eventually, I had to download and fill out the form manually and they had to complete my tax return manually and I submited it via snail mail, which slowed down my refund. That was the last time I used that company to prepare my return. :(
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I can't speak to the form numbers but you can submit for the 10% tax credit on the Zero and 30% tax credit for Super Charger....Assuming both were purchased in 2016.
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Bought mine in 2016, but as the second owner I don't think I could take advantage of the tax credit, but I got a really good price.
2015 FX ZF6.5 👹 DoD #2160,6
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For everyone in the US, tax season is soon upon us. For many of us new EV owners, this is the first time we're going to be using the Federal Tax Credit for our bikes and accessories.
Would any of you who have gone through this process before of claiming the credit be able to share some info with those going through this the first time?
From my research, the Form 8936 is the credit for the vehicles, and the Form 8911 is the credit for the charger charging equipment (Elcon, Zero Quick Chargers, Digimon, etc). Is this correct?
I ask because the 8911 Form speaks in vocabulary that makes it seem like it's only for a charging station and not equipment on the vehicle itself. Would I still be right in using this form for my Supercharger purchase?
Last question, any recommendations for tax software, whether installed or online, for being able to submit these forms? I've always just filed online with free software from a big tax return company since I've always had simple taxes. But it looks like these forms are not available on the basic packages.
Turbo tax handled it pretty well. They actually had a 'Zero Motorcycle' as an example for that part of the process (example of a two wheeled vehicle). I think there was a bug where it assumed a four wheeled vehicle even though I selected two wheeled, but on a second pass it seemed to pick the right one (10% of the purchase price). It took care of my charger as well (right percentage). I have not printed forms yet (not done) so I am not sure what actual form numbers it will spit out, but I'll let you know.
Steve
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Line 4 says enter the purchase price. Does that include the cost for shipping?
I would not have been able to put the bike into service if it wasn't delivered...
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For everyone in the US, tax season is soon upon us. For many of us new EV owners, this is the first time we're going to be using the Federal Tax Credit for our bikes and accessories.
Would any of you who have gone through this process before of claiming the credit be able to share some info with those going through this the first time?
From my research, the Form 8936 is the credit for the vehicles, and the Form 8911 is the credit for the charger charging equipment (Elcon, Zero Quick Chargers, Digimon, etc). Is this correct?
I ask because the 8911 Form speaks in vocabulary that makes it seem like it's only for a charging station and not equipment on the vehicle itself. Would I still be right in using this form for my Supercharger purchase?
Last question, any recommendations for tax software, whether installed or online, for being able to submit these forms? I've always just filed online with free software from a big tax return company since I've always had simple taxes. But it looks like these forms are not available on the basic packages.
Turbo tax handled it pretty well. They actually had a 'Zero Motorcycle' as an example for that part of the process (example of a two wheeled vehicle). I think there was a bug where it assumed a four wheeled vehicle even though I selected two wheeled, but on a second pass it seemed to pick the right one (10% of the purchase price). It took care of my charger as well (right percentage). I have not printed forms yet (not done) so I am not sure what actual form numbers it will spit out, but I'll let you know.
Steve
Great, that's exactly what I was wondering about. I've used H&R Block for the past... 5 or so years. But they don't support EV stuff online, so I was hoping TurboTax did. Thanks for the clarification! Now just to wait until I get my W-2.
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Does the credit apply to only the base price or the actual price paid less taxes but including assembly and documentation 'fees'.
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Does the credit apply to only the base price or the actual price paid less taxes but including assembly and documentation 'fees'.
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What I'm going to go with is, if I was taxed on the price, I'm going to include that in my purchase price for credit. So when I purchased my motorcycle, I was charged sales tax on all the dealer fees, so I'm going to claim those fees. But I would exclude the sales tax and the registration and other fees charged by your state.
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I used Turbo Tax also to enter my two EVs for tax credit. Even with the VIN from my Zero, Turbo Tax still wanted to compute the full EV credit as if it was a 4-wheel. The last screen allowed me to change the credit amount, so I entered the 10% value allowed for electric 2-wheel. I didn't bother separating out the Quick Charge tank from the purchase price so I lump everything into one cost, including taxes and fees.