Does Lacerte know if EV credit is allowed based on VIN

Forum|Forum|3 years ago
October 5, 2022
1 reply
6 views

I wasn't understanding why my clients EV credit wasn't flowing to the 1040 (Tesla, bot Nov 2020) so some googling suggested that the credit had been used up by the purchase date. Does LC know if a credit is allowed based on the vehicle VIN?

Lacerte Tax

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Best answer by qbteachmt

"When does Tesla’s tax credit phase out?

Tesla’s $7,500 tax credit per vehicle drops to $3,750 on Jan. 1, 2019. It drops to $1,875 on July 1, 2019, then vanishes entirely on Jan. 1, 2020."

https://www.cars.com/articles/tesla-tax-credit-is-expiring-heres-everything-shoppers-need-to-know-1420700959540/

"If you’re wondering why no Teslas or the GMC Hummer EV are included, it’s because GM and Tesla vehicles are no longer eligible for the federal tax credit. When a manufacturer sells its 200,000th qualified vehicle, the tax credit is scheduled to wind down, reducing by half to $3,750 and then half again over a period of time before being reduced to nothing. Tesla sold its 200,000th vehicle in 2018, and the credit fully expired at the end of 2019."

https://www.cars.com/articles/which-electric-cars-are-still-eligible-for-the-7500-federal-tax-credit-429824/

qbteachmtAnswer

Level 15

"When does Tesla’s tax credit phase out?

Tesla’s $7,500 tax credit per vehicle drops to $3,750 on Jan. 1, 2019. It drops to $1,875 on July 1, 2019, then vanishes entirely on Jan. 1, 2020."

https://www.cars.com/articles/tesla-tax-credit-is-expiring-heres-everything-shoppers-need-to-know-1420700959540/

"If you’re wondering why no Teslas or the GMC Hummer EV are included, it’s because GM and Tesla vehicles are no longer eligible for the federal tax credit. When a manufacturer sells its 200,000th qualified vehicle, the tax credit is scheduled to wind down, reducing by half to $3,750 and then half again over a period of time before being reduced to nothing. Tesla sold its 200,000th vehicle in 2018, and the credit fully expired at the end of 2019."

https://www.cars.com/articles/which-electric-cars-are-still-eligible-for-the-7500-federal-tax-credit-429824/

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S

strongsilenceAuthor

Level 10

Thanks. This complaint ship has sailed but I float it again: It astounds me what we need to know to prepare a tax return. IOW: I am using cars.com as a reference!!!

S

strongsilenceAuthor

Level 10

and again: that I have to figure out why a credit isn't allowed by googling unnerves my sense of what is decent! Thanks for being there qBteach.

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