2014 EVSE Tax Credit

[mdxc90]

Just saw that congress has retroactively approved the EVSE tax credit for 2014. I have a few questions for members who have received this credit in the past.

1. Is this a tax credit or a deduction?
2. Does it apply to purchase of EVSE, installation or both?

Can someone please clarify this for me?

Thanks.

 

[mwalsh]

1) Tax credit
2) Both

BUT (and it's massive, but) it is subject to AMT EVEN IF you aren't subject to AMT otherwise.

 

[mdxc90]

I am subject to AMT. Will I get any tax credit if my hypothetical cost for installation and equipment was $2000 in 2014?

 

[mwalsh]

I'm not sure.

I wasn't subject to AMT but had to compute TMT anyway to take the credit. Once I'd done that, it wasn't worth the $20 I would have gotten for my $1000 installation to even take the time to fill out the form. And if I'd known I would only get $20 before I computed TMT I wouldn't have bothered doing that either.

 

[mdxc90]

I'm not sure.

I wasn't subject to AMT but had to compute TMT anyway to take the credit. Once I'd done that, it wasn't worth the $20 I would have gotten for my $1000 installation to even take the time to fill out the form. And if I'd known I would only get $20 before I computed TMT I wouldn't have bothered doing that either.

Oh, that is terrible. I was hoping that I would get at least $600 back.

 

[mwalsh]

Oh, that is terrible. I was hoping that I would get at least $600 back.

You may do better than me. As with all things tax-related, best to seek the advice of your friendly tax professional.

 

[DNAinaGoodWay]

You could download some forms from irs.gov and run a quick estimate. OK, maybe not quick. It helps if you love to fill in tax forms.

 

[mdxc90]

You could download some forms from irs.gov and run a quick estimate. OK, maybe not quick. It helps if you love to fill in tax forms.

Thank you. Will try that.

 

[VegasBrad]

I just found out about the passing of the bill for 2014 purchases.
I sell EVSE'S both prebuilt and built to order in the private for sale section here. I can provide a invoice through my business for any unit I sell so members can take advantage of this tax credit. I also have a good reference for a licenced and bonded electrician in Las Vegas