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