Tax Credits for Buying Electric and Alternative Motor Vehicles

Tax Credits for Buying Electric and Alternative Motor Vehicles

hybrid car tax credit efile

These tax credits are available for 2018 Tax Returns:

The Alternative Motor Vehicle Tax Credit is a credit that only applies to new cars. It is for placing a qualified fuel cell vehicle in service and may only be claimed by the original purchaser of the vehicle. A qualified fuel cell motor vehicle is a vehicle that is propelled by power from one or more cells which convert chemical energy directly into electricity.

Below is a list of certified fuel cell motor vehicles that qualify for the credit:

To claim the credit, complete Form 8910 and attach it to Form 1040. On efile.com, you can prepare and efile Form 8910 along with Form 1040. Once you answer a few simple questions about your tax situation, we will generate the forms for you and help you complete them accurately.

The Qualified Plug-In Electric Drive Motor Vehicle Credit is a credit for placing a new qualified plug-in electric drive motor vehicle in service. This is a vehicle that is run to a significant extent by an electric motor and draws electricity from a battery and is capable of being recharged from an external source of electricity. The IRS tax credit is for $2,500 to $7,500 per new EV (Electric Vehicle) purchased for use in the U.S. Starting on January 1, 2019, the phase out of the Plug-In Electric Vehicle credit begins and after Dec. 31, 2019, the credit will no longer be available.

Cars That Qualify for the EV Credit:

All of the following plug-in hybrids and electric cars qualify for the Credit for Qualified Plug-In Electric Drive Motor Vehicles and have different credit amounts depending on the year of the vehicle:

To claim the credit on efile.com, you can prepare and efile Form 8936 along with Form 1040. Once you answer a few simple questions about your tax situation, we will generate the forms for you and help you complete them accurately. If you bought a qualifying vehicle in the past 3 years and you did not claim it on your tax return, you can still get the credit by filing an amended return.

More green tax savings: find out how to get a tax credit for energy-efficient improvements to your home.

See what other tax credits and tax deductions for which you may qualify to claim on your tax return.

Research & References of Tax Credits for Buying Electric and Alternative Motor Vehicles|A&C Accounting And Tax Services
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