federal tax credit for electric charge station at home

[turtlebud]

I don't have an egolf yet, but anticipate getting one very soon. I just read that the federal tax credit of 30% (up to $1000) for the installation of electric charge station at home was renewed.

http://www.greencarreports.com/news...bill-electric-car-fans-get-reasons-to-rejoice
"UPDATE: Congress also renewed the tax credit of up to $1,000 for home refueling, which covers the installation by taxpayers of electric-car charging stations at their private residences during both 2015 and 2016."

If I purchase a home charger (like Chargepoint http://www.amazon.com/gp/product/B0124KHJZ2) before the end of the year, can I claim the 30% federal tax credit on this?

 

[RonDawg]

As best as I can tell, yes. I took advantage of this credit back in 2013. However, as stated on previous versions of IRS Form 8911 (Alternate Fuel Vehicle Refueling Property Credit), the credit counts only if the charging station was "placed in-service" during the tax year, meaning both purchase and installation. If you were planning to buy this online before the end of the year (due to tax reasons) you may not get it until after New Year's Day.

 

[miimura]

Previous incarnations of this tax credit were also subject to AMT. If you also claim the $7,500 tax credit (not subject to AMT) for purchasing an EV in the same tax year, it is very difficult to take the EVSE credit. IIRC, it cannot be carried over to a subsequent year either.

Basically, don't count on getting both credits in the same year.

 

[bizzle]

Did you have to itemize to get the credit?

 

[miimura]

Did you have to itemize to get the credit?

I believe both of the credits require filing 1040, not 1040EZ. Whether you can take the standard deduction is a separate question though.

 

[RonDawg]

Did you have to itemize to get the credit?

I believe both of the credits require filing 1040, not 1040EZ. Whether you can take the standard deduction is a separate question though.

I looked at the tax form for the year I took the credit (2013) and the credit from Form 8911 is entered separately from the line where you enter the standard deduction, or itemized deduction.

For tax year 2015, your standard or itemized deductions will go on line 40 of Form 1040. The credit as figured from Form 8911 would go on line 54 of Form 1040.