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planet4ever
Posts: 4674
Joined: Sat Apr 03, 2010 9:53 pm
Delivery Date: 02 May 2011
Leaf Number: 1537
Location: Morgan Hill, CA, south of San Jose

Re: How Exactly Will The Tax Credit Work

Fri May 07, 2010 12:46 pm

Gonewild wrote:Well I got a Solar PV system this year and I live in AZ. I have my $99 bucks down early so I almost sure I am on the short list to get the car. I guess I got screwed and have to wait until Jan 11 so I can claim the credit. I will have solar and car credit I think I can use the solar credit forward does anyone know? I sure do not want to buy a car and not get any money back.
I don't know the answer, but I do know I bought a PV system and a Prius in the same year a few years back, then discovered I couldn't claim both of them, nor could I carry either forward. The situations may be entirely different, but I urge you to check with an accountant before you make any irrevocable decisions.
End of April 2013: Traded my 2011 SL for a 2013 S with charge pkg.

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mwalsh
Posts: 9753
Joined: Thu Apr 22, 2010 10:10 am
Delivery Date: 05 Jan 2011
Leaf Number: 0213
Location: Garden Grove, CA

Re: How Exactly Will The Tax Credit Work

Fri May 07, 2010 12:58 pm

planet4ever wrote:The situations may be entirely different, but I urge you to check with an accountant before you make any irrevocable decisions.
I'll have to find it again, but the solar system credit does carryover now. I believe it's as written in the Recovery and Reinvestment Act, 2009. But like I said, I'll have to find it again.
2011 Blue Ocean SL with 86,000 miles
2015 pack on 12/30/15
Tinted windows
Bosch AGM 12v
Ecopia 422+ tires
L1 EVSE upgrade
FIAMM horns
Superbright LED lighting
2013 sun visors
LED shifter
Heated seats
GT-R map lamp lenses
Altima illuminated door switches

dcmeserve
Posts: 3
Joined: Fri May 07, 2010 12:16 pm

Re: How Exactly Will The Tax Credit Work

Fri May 07, 2010 1:04 pm

On my own question:
Will the tax credit apply against the Alternative Minimum Tax?
I downloaded some of the Fed tax forms. For 2009 at least, it looks like the answer is yes, because on form 8936 for the electric car credit, it says to put the credit amount on line 53 of the main tax form 1040. The adjustment to account for AMT is back on line 45, so all the credits on lines 47 through 53 apply to the AMT.

It would still be nice to find some confirmation that it will continue to apply for future tax years...

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garygid
Gold Member
Posts: 12469
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

Fri May 07, 2010 1:05 pm

With the lease it will be something like $2000 plus tax, license, etc., maybe $5000, right?

Then about $14000 for the 35 remaining months.

What would the buy-out be, maybe another $14,000 to $18,000?

Is the buyout fixed as part of the lease agreement, or indexed to the used-car price when your lease terminates?

Thanks, Gary (never leased)
See SOC/GID-Meter and CAN-Do Info
2010 Prius
2011 LEAF, 2014 Tesla S85
2018 & 2019 Tesla Model 3
PU: SDG&E
Solar PV: 33 x 225W -> 7 kW max AC
Craigslist: Xm5000Li Electric Motorcycle

Bicster
Posts: 579
Joined: Wed Apr 28, 2010 8:18 am
Delivery Date: 26 Jun 2015
Location: Houston, TX

Re: How Exactly Will The Tax Credit Work

Fri May 07, 2010 1:06 pm

The buy-out is fixed per the lease agreement.
Reserved on April 20, 2010 - Never purchased

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mwalsh
Posts: 9753
Joined: Thu Apr 22, 2010 10:10 am
Delivery Date: 05 Jan 2011
Leaf Number: 0213
Location: Garden Grove, CA

Re: How Exactly Will The Tax Credit Work

Fri May 07, 2010 1:13 pm

I've never leased either. Actually, I've never bought a new car before. I'm almost 50 and I'll be getting my cherry popped! :shock:

What do you typically owe when you decide to buy out the lease and keep the car? Is it just the residual value you negotiated when you first got the car? Or do you still have to pay junk like excess mileage?
2011 Blue Ocean SL with 86,000 miles
2015 pack on 12/30/15
Tinted windows
Bosch AGM 12v
Ecopia 422+ tires
L1 EVSE upgrade
FIAMM horns
Superbright LED lighting
2013 sun visors
LED shifter
Heated seats
GT-R map lamp lenses
Altima illuminated door switches

Bicster
Posts: 579
Joined: Wed Apr 28, 2010 8:18 am
Delivery Date: 26 Jun 2015
Location: Houston, TX

Re: How Exactly Will The Tax Credit Work

Fri May 07, 2010 1:15 pm

mwalsh wrote:I've never leased either. Actually, I've never bought a new car before. I'm almost 50 and I'll be getting my cherry popped! :shock:

What do you typically owe when you decide to buy out the lease and keep the car? Is it just the residual value you negotiated when you first got the car? Or do you still have to pay junk like excess mileage?
Junk like excess mileage, wear and tear, etc., only applies if you return the car to the lease company. You just pay the pre-negotiated acquisition fee and residual value as stated in the lease agreement. We do not know what residual value Nissan will be using to compute these leases, but it's generally around 57% of MSRP (before credit? after credit?) for a 36-month lease.
Reserved on April 20, 2010 - Never purchased

User avatar
sjfotos
Posts: 667
Joined: Thu Apr 22, 2010 5:21 am
Delivery Date: 26 Jun 2015
Location: Mechanicsburg, PA

Re: How Exactly Will The Tax Credit Work

Fri May 07, 2010 2:13 pm

dcmeserve wrote:On my own question:
Will the tax credit apply against the Alternative Minimum Tax?
I downloaded some of the Fed tax forms. For 2009 at least, it looks like the answer is yes, because on form 8936 for the electric car credit, it says to put the credit amount on line 53 of the main tax form 1040. The adjustment to account for AMT is back on line 45, so all the credits on lines 47 through 53 apply to the AMT.

It would still be nice to find some confirmation that it will continue to apply for future tax years...

I asked this question yesterday of my accountant and he said it does apply to the AMT, at least so far, in 2010.
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Steve in PA
Reserved 4/20/2010, Forgotten in Pennsylvania

leafygreen
Posts: 29
Joined: Tue May 11, 2010 3:05 pm
Delivery Date: 26 Jun 2015
Location: San Jose CA

Re: How Exactly Will The Tax Credit Work

Tue May 11, 2010 3:23 pm

Regarding the tax credit for EVSE, I'm a little confused about what is covered.
In another thread I saw people discussing upgrading their service panel to
handle the extra circuit to the garage, which could cost a thousand or more.
Would this be considered part of the "cost of installing alternative fueling equipment"
referred to in the tax credit description? Or would it just cover the cost of the
box in the garage? Someone earlier posted the links to the description and IRS forms:

http://www.afdc.energy.gov/afdc/laws/law/US/351
http://www.irs.gov/pub/irs-pdf/f8911.pdf

By the way, it also says: "The credit expires December 31, 2010". Maybe it will be extended?

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planet4ever
Posts: 4674
Joined: Sat Apr 03, 2010 9:53 pm
Delivery Date: 02 May 2011
Leaf Number: 1537
Location: Morgan Hill, CA, south of San Jose

Re: How Exactly Will The Tax Credit Work

Tue May 11, 2010 8:28 pm

leafygreen wrote:Regarding the tax credit for EVSE, I'm a little confused about what is covered.

In another thread I saw people discussing upgrading their service panel to handle the extra circuit to the garage, which could cost a thousand or more. Would this be considered part of the "cost of installing alternative fueling equipment" referred to in the tax credit description?
Well, I tried to dig through the US Codes on this. 26USC30C says the cost includes the same things (with one exception) as are included in Sec. 179A, and that says under (e)(3):
The cost of any qualified clean-fuel vehicle property referred to in subsection (c)(1)(A) shall include the cost of the original installation of such property.
So I think you should be able to convince the IRS that if the service panel had to be upgraded, then the cost of that would be included.
leafygreen wrote:By the way, it also says: "The credit expires December 31, 2010". Maybe it will be extended?
Have you noticed that Nissan is pushing everyone to get the EVSE installed this year, regardless of when they get the car? That might suggest they are dubious as to an extension.
End of April 2013: Traded my 2011 SL for a 2013 S with charge pkg.

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