garygid
Well-known member
I had missed that cutoff date, thanks!
LeafHopper said:If you need to boost your tax so that you can apply the full credit. This is a good time to convert your conventional IRA to a Roth IRA. The amount converted will be taxable and could be used to increase your taxes to $7,500. The advantage is that you can move your IRA money so that it will be taxed at a low rate today and zero additional tax in the future. It will depend on your expected retirement tax rate, but it works very well for me. I used my 2009 tax program to test this hypothesis. In my particular case, I can pay 15% today and nothing tomorrow on my IRA savings.
dcmeserve said: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...
garygid said: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)
Gonewild said:My question is, if you put money down on the car in August and get the car available in Dec could you tell the dealer to wait until Jan 1 so my credit is for 2011?
garygid said:What would the buy-out be, maybe another $14,000 to $18,000?
Thanks, Gary (never leased)
mwalsh said:Tax credit summary (as I understand it, and PLEASE I'm no accountant!):
Leaf
$7500
Cannot be rolled over - must be used in the tax year when you bought the vehicle (as legally described by your state)
Can be used with the AMT
Expires when each manufacturer has sold 200,000 EV units (a bit more complex than that, but that's the gist of it)
EVSE
50% of the cost of the unit plus installation up to $4000 (so a maximum $2000 credit)
Expires Dec. 2010 unless government extends it further.
PV (solar) System
30% of the cost of the unit plus installation with no maximum cap
CAN be rolled over
Expires Dec. 2016
On the EVSE and PV system credits...I don't know if they are also good for those who use the AMT. I also don't know if the credit for the EVSE can be rolled over. If anyone does know these things, or sees any other discrepancies, I'll be happy to modify my post.
Rat said:gonewild,
Where are you located? Unless you're in one of the core cities like San Diego you probably won't be able to take actual delivery of the car or even get the charger until 2012, and maybe even a good chunk of those who are in those cities will not either, so I would guess that might simply things for your decision making.
evnow said:Rat said:gonewild,
Where are you located? Unless you're in one of the core cities like San Diego you probably won't be able to take actual delivery of the car or even get the charger until 2012, and maybe even a good chunk of those who are in those cities will not either, so I would guess that might simply things for your decision making.
Hmmm ... why ?
Nissan will want to sell atleast 30K cars in the US in the first year - so an average of 2.5K cars a month. We have, at that rate 4 months of total reservations at this point. Everyone who has reserved a car & is in the launching states, will get the car latest by 2011 March.
SBNissanLeaf said:That is...If everyone distributes themselves equally among Nissan Leaf dealerships, or at least in accordance with the Nissan allocation distributions...omg, did I just say the "a" word?
SBNissanLeaf said:How many cars...how many months...how many dealerships..and just how much interest is Nissan earning on these deposits?
First, don't be misled by averages. Nissan says they want to produce 50K cars the first year, but have a capacity to produce no more than 12K by March, which is four months. That says they are ramping up, which makes sense. My guess is that no more than a thousand will be on the road by the end of the year.evnow said:Nissan will want to sell atleast 30K cars in the US in the first year - so an average of 2.5K cars a month. We have, at that rate 4 months of total reservations at this point. Everyone who has reserved a car & is in the launching states, will get the car latest by 2011 March.
Sounds like we agree on the car, but maybe not on the charging adapter: I think anyone who wants one will be able to get it before the end of this year, and should plan to do that because otherwise you get no tax credit.rat said:Where are you located? Unless you're in one of the core cities like San Diego you probably won't be able to take actual delivery of the car or even get the charger until 2012, and maybe even a good chunk of those who are in those cities will not either, so I would guess that might simply things for your decision making.
planet4ever said:First, don't be misled by averages. Nissan says they want to produce 50K cars the first year, but have a capacity to produce no more than 12K by March, which is four months. That says they are ramping up, which makes sense. My guess is that no more than a thousand will be on the road by the end of the year.evnow said:Nissan will want to sell atleast 30K cars in the US in the first year - so an average of 2.5K cars a month. We have, at that rate 4 months of total reservations at this point. Everyone who has reserved a car & is in the launching states, will get the car latest by 2011 March.
Second, don't confuse "launching areas" with "launching states". California, for example, is a huge state. I'd be willing to bet there are remote parts of it where you are unlikely to be able to get a Leaf at all in 2011, except by planning a several hundred mile trip to get it home.
So, yes, end of March may be a good guess, if you are close to a launching area, but don't count on getting your Leaf much earlier than that.
Sounds like we agree on the car, but maybe not on the charging adapter: I think anyone who wants one will be able to get it before the end of this year, and should plan to do that because otherwise you get no tax credit.rat said:Where are you located? Unless you're in one of the core cities like San Diego you probably won't be able to take actual delivery of the car or even get the charger until 2012, and maybe even a good chunk of those who are in those cities will not either, so I would guess that might simply things for your decision making.
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