S-CORP BOUGHT A ELECTRIC VAN FOR $80000 HOW TO FIGURE TAX CREDIT OUT? HOW TO CHECK ELIGIBILTY TO TAKE $40000? HOW TO FILE TAX CREDIT ON 1120-S
Hi to community.
S-Corp bought an electric van with gross vehicle weight rating (GVWR) is
14,000 pounds or more in 2023 for $80000 and I want to be ready how to file EV credit up to $40000 as a commercial vehicle. I would like first to know how to find out the max credit for S-Corp? Do we have any link or tax form to put data and show me the max credit? And how to file it on 1120-S?
However, the credit is determined by the lesser of 15% of your basis in the vehicle (this increases to 30% if the vehicle isn’t powered by gas or diesel) OR the incremental cost of the vehicle. The incremental cost of the vehicle is determined by the excess cost of the qualified vehicle over a comparable vehicle (nonqualified). So for example, if a qualified vehicle costs $140,000 but a comparable vehicle costs $100,000, the incremental cost would be $40,000.
I would say I could not find form 8936-A.
So, please help to walkthrough for each part if you already have had this experience.
