2018 Electric Vehicle Tax Credit Form

Notice 2013 67 qualified 2 or 3 wheeled plug in electric vehicle credit under section 30d g.

2018 electric vehicle tax credit form.

The irs gives detailed instructions for how to fill out these forms on their website but we ve broken down. With the vehicle identification number vin and certificate from the dealership the first part will be easy. In order to claim the federal electric vehicle tax credit once you buy an electric car you ll need to fill out irs form 8936 and report the proper credit from the form on form 1040 individual income tax return. Hopefully that number exceeds 7 500 for the tax year.

About publication 463 travel entertainment gift and car expenses. Claiming the federal electric vehicle tax credit. California based electric car manufacturer tesla became the first automaker to hit the cap when it reached 200 000 sales in july 2018. In order to take the credit you must file irs form 8936 with your return and meet certain requirements.

After that part iii assuming the car was not a business investment you ll go through the process of subtracting the credit from your taxes owed on form 1040 line 47. Notice 2016 15 updating of address for qualified vehicle submissions. Under the terms of the tax credit tesla was one of the manufacturers that qualified for the electric car tax credit. They did so by selling a mix of original tesla roadsters plus the tesla model s tesla model x and tesla model 3 evs.

Notice 2009 89 new qualified plug in electric drive motor vehicle credit. The problem is that tesla confirmed that by the end of 2018 they will have become the first manufacturer to lose its electric car tax credit. All form 8936 revisions.