User avatar
garygid
Gold Member
Posts: 12464
Joined: Wed Apr 21, 2010 8:10 am
Delivery Date: 29 Mar 2011
Leaf Number: 000855
Location: Laguna Hills, Orange Co, CA

Re: How Exactly Will The Tax Credit Work

Thu May 27, 2010 9:16 am

Sorry, no roll-over, as this particular tax credit is defined (at least for individuals).

Some have speculated about business-related roll-overs, but I do not know how they would accomplish that.
See SOC/GID-Meter and CAN-Do Info
2010 Prius, now for sale
2011 LEAF, sold in 2015
2018 Tesla Model 3
2014 Tesla S, Model 3 in 2019
PU: SDG&E
Solar PV: 33 x 225W -> 7 kW max AC
To Sell: X-treme 5000Li EV motorcycle

AndyH
Posts: 6388
Joined: Fri Apr 23, 2010 3:43 pm
Location: San Antonio

Re: How Exactly Will The Tax Credit Work

Thu May 27, 2010 11:52 am

garygid wrote:Sorry, no roll-over, as this particular tax credit is defined (at least for individuals).

Some have speculated about business-related roll-overs, but I do not know how they would accomplish that.
There are different sets of rules depending on one's situation. "No roll-over" might be accurate for some, but will be very wrong for others. I know for sure that many 'rules' in place for an employee (only source of income is earned income) change for a business owner, and change again for a corporation (and some change with S, C, or limited liability corporations).

Please don't take an answer from a forum as self-limiting unless you are absolutely sure that your situation exactly matches that of the author of the post. ;)

Andy

User avatar
Gonewild
Posts: 1262
Joined: Wed Apr 28, 2010 5:05 pm
Delivery Date: 18 May 2011
Leaf Number: 229
Location: Chandler, AZ

Re: How Exactly Will The Tax Credit Work

Thu May 27, 2010 12:23 pm

Azrich wrote:I don't do my taxes. I just don't know much about it.

One simple question: If I do not use the entire $7500 tax credit for my 2010 taxes, does the remainder roll over to future years?

Thanks for your help.
From what I know is this is a non refundable tax credit and has to be use in the year you buy the car. I for one am buying the charger this year and putting off the car until Jan 11.
Over 25,300 miles Plus - Now Sold/ Lease given back to Nissan 8-25-2012
Ordered Glacier Pearl Nissan Leaf SL eTech Edition on 8/31, Delivered March 1, 2011
POWERED By SunPower 5.16kw PV Solar home 3 Solar water panels.
Reserved 4/20

pgrovetom
Posts: 75
Joined: Wed Jun 23, 2010 12:29 pm

Re: How Exactly Will The Tax Credit Work

Tue Jul 06, 2010 9:34 pm

Here is the California "Clean Vehicle Rebate Project" website. It describes the CA rebate plan for the Leaf or other Electric Vehicles

http://energycenter.org/index.php/incen ... te-project

Federal Tax Incentives: Tax credits for electric-drive vehicles range from between $2,500 to $7,500, with factors such as battery capacity determining how much owners are eligible to receive. To meet the tax incentive's standards, an electric-drive vehicle must have a battery with a minimum capacity of 4 kilowatt-hours, with an additional $417 of tax credit added for every Kilowatt-hour in excess of 5 kWh. Vehicles such as the Nissan Leaf, with a 24 kWh capacity battery, will be eligible for the maximum $7,500 credit.
Implementation Manual

http://energycenter.org/index.php/incen ... ion-manual

Applicants Requirements

http://energycenter.org/index.php/incen ... nformation
12.6KW Solar Photovoltaic System
White ZERO S Motorcycle
Silver Nissan Leaf SL

pgrovetom
Posts: 75
Joined: Wed Jun 23, 2010 12:29 pm

Re: How Exactly Will The Tax Credit Work

Tue Jul 06, 2010 9:37 pm

Here are the California "CVRP Eligible Vehicles"

http://energycenter.org/index.php/incen ... e-vehicles
12.6KW Solar Photovoltaic System
White ZERO S Motorcycle
Silver Nissan Leaf SL

raylev
Posts: 8
Joined: Fri Dec 03, 2010 1:47 pm

Re: How Exactly Will The Tax Credit Work

Wed Dec 22, 2010 9:39 pm

I have read every post on this thread, and am still confused as to the full value of the $7500 credit. The two 2009 IRS forms I have each mention a credit of UP TO $7500, and the 8834 "Qualified Plug-in Electric and Electric Vehicle Credit" seems to specifically limit the credit to $2500 per vehicle, but allows three vehicles which would equal $7500. The 8936 mentions a "tentative credit" but does not state the amount. I think it may refer to the IRC 30D list, which does state $7500, but in completing a draft of that form, other variables knock that down considerably. Am I missing something? Exactly which IRS Form would a new Leaf owner use to get the maximum deduction, assuming using the long 1040 form itemizing dedcutions?

User avatar
garygid
Gold Member
Posts: 12464
Joined: Wed Apr 21, 2010 8:10 am
Delivery Date: 29 Mar 2011
Leaf Number: 000855
Location: Laguna Hills, Orange Co, CA

Re: How Exactly Will The Tax Credit Work

Wed Dec 22, 2010 9:43 pm

Not a Deduction, but a Tax Credit.
See SOC/GID-Meter and CAN-Do Info
2010 Prius, now for sale
2011 LEAF, sold in 2015
2018 Tesla Model 3
2014 Tesla S, Model 3 in 2019
PU: SDG&E
Solar PV: 33 x 225W -> 7 kW max AC
To Sell: X-treme 5000Li EV motorcycle

SteveInSeattle
Posts: 455
Joined: Sat Jul 31, 2010 4:33 pm
Delivery Date: 03 May 2011
Location: Lake Forest park, WA
Contact: Website

Re: How Exactly Will The Tax Credit Work

Wed Dec 22, 2010 9:47 pm

This is very simple:
1) You pay the full retail for the car
2) Your taxes for the year you purchase the car will be reduced by $7500 (2011 for most of us)
3) Therefore you don't see the benefit for more than a year
4) But, as correctly stated, you can reduce your withholding for 2011 to take more each month in your pay knowing your taxes will be lower
5) Finally, if you don't pay at least $7500 in Federal Taxes for 2011 you will not get the benefit of the full credit
6) If you much less than $7500 in taxes the lease deal is a better option because in that case, Nissan gets the credit and the lease price is net cost

All of the rules and procedures are already in place and can be looked up at irs.gov
2013 lease ended, purchased a red 2015 SL Premium from Ray Ishak at Magic Nissan. Good deal + rebates + $7500 tax credit + no sales tax = Leaf for Sentra money.

SteveInSeattle
Posts: 455
Joined: Sat Jul 31, 2010 4:33 pm
Delivery Date: 03 May 2011
Location: Lake Forest park, WA
Contact: Website

Re: How Exactly Will The Tax Credit Work

Wed Dec 22, 2010 9:49 pm

here is a government website which states that the leaf gets a $7500 credit...no issue here:
http://www.fueleconomy.gov/feg/taxevb.shtml
2013 lease ended, purchased a red 2015 SL Premium from Ray Ishak at Magic Nissan. Good deal + rebates + $7500 tax credit + no sales tax = Leaf for Sentra money.

smkettner
Posts: 7373
Joined: Mon Aug 09, 2010 10:13 pm
Delivery Date: 26 Feb 2014
Location: Orange County, CA

Re: How Exactly Will The Tax Credit Work

Wed Dec 22, 2010 10:01 pm

I plan to let TurboTax worry about the details
1 bar lost at 21,451 miles, 16 months.
2 bar lost at 35,339 miles, 25 months.
LEAF traded at 45,400 miles for a RAV4-EV
RAV4 traded in for I-Pace Dec 2018

Return to “News & Main LEAF Discussion”