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john1
Level 1
March 10, 2021
Question

Electric Vehicle Tax Credit is it limited for a 2020 purchase of Tesla 3 ?

  • March 10, 2021
  • 1 reply
  • 7 views

I recorded the purchase of a Tesla 3 Electric vehicle in 2020 with all  the other relevant information for a Form 1040.  Lacerte allows a credit of $7500.  However, my other research says the credit for Tesla 3's is expired.  Why does Lacerte allow the credit?

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1 reply

abctax55
abctax55
Level 15
March 10, 2021

YOU have to enter the phase out amount.  It is dependent upon when the vehicle was purchased, and is determined whether any particular manufacturer has sold too many of the vehicles.

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