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Discussion Starter · #1 ·
Hey guys do you if the government has tax incentives or discount for installing a level 2 charger for our home?
 

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Do keep in mind that the way the federal Charging credit rule is written you may not be able to claim it. I'm no tax lawyer, but as I understand it, the credit can't reduce your tax burden lower than the independently calculated Alternate Minimum Tax. Even if you don't end up paying the AMT what I found (and most others found) is that the credit is unobtainable for many filers.

See the following for more details:
http://aecn.timehorse.com/2011/02/evse-tax-credit-aka-alternative-fuel.html
 

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I am a Tax Accountant. The tax credit for the Fisker Karma is $7,500 for the vehicle and the smaller of 30% of the cost to install the equipment include installation, taxes and labor. The credit is non-refundable, meaning it can only be used to offset any taxes you owe. For example: if after completing your tax return you have a balance due of $6,000 the $1,500 of the $7,500 tax credit cannot be used nor can the other credit be used for the equipment installation because you don't have any tax liability.

Samuel
 

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Samuel, I'm not entirely sure that's how it's being applied. The $7500 vehicle credit hasn't seen much controversy, and it will reduce your tax burden beyond $0 (or increase your refund). The AMT calculation doesn't come into play.

The Charging Equipment credit however is subject to AMT limitations and is non-refundable. I tried in both TY2011 and TY2012 to claim the charging credit and was thwarted both times.

I haven't heard of any Fisker owner not able to take advantage of the federal vehicle credit, and I haven't heard of any owners who *were* able to take advantage of the federal Charging Equipment credit.

ALso, Joeker, this is all Federal tax I'm speaking of. Your state may offer additional incentives for EVs and/or EV Charging Equipment.
 

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All Tax Credits Are Not the Same

Samuel, I'm not entirely sure that's how it's being applied. The $7500 vehicle credit hasn't seen much controversy, and it will reduce your tax burden beyond $0 (or increase your refund). The AMT calculation doesn't come into play.

The Charging Equipment credit however is subject to AMT limitations and is non-refundable. I tried in both TY2011 and TY2012 to claim the charging credit and was thwarted both times.

I haven't heard of any Fisker owner not able to take advantage of the federal vehicle credit, and I haven't heard of any owners who *were* able to take advantage of the federal Charging Equipment credit.

ALso, Joeker, this is all Federal tax I'm speaking of. Your state may offer additional incentives for EVs and/or EV Charging Equipment.
There is no question that both tax credits may increase your refund. However, both tax credits are non-refundable.

There are families making $55,000 that purchased a Chevrolet Volt with three or four children that received no benefit whatsoever from this tax credit. This same family make $150,000 with $20,000 withholding may increase their refund by $7,500. AMT can kick in for lot of different reason and reduce your refund.

A person with no job and no taxable income and receiving support from the State (that ordinary wouldn't have to file a tax return) that adopted a child in tax year 2011 can receive a fully refundable refund of $13,360 for each child they adopted. This same person would not receive a dime for purchasing an electric vehicle.

Samuel
 

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Thanks. How about the EV charger install tax incentive? Do you have to be a 1st time buyer as well?
No, you don't have to be a first time buyer for the installation and equipment credit. In fact, I would check with my electric company to see if they have any special programs that would pay for the equipment and the installation.

My friend and I don't qualify for the credit because DTE Energy paid $2,500 for the equipment and labor for installation. There was no out of pocket expenses.

Here is the link if DTE Energy if they happens to be your provider:

https://www2.dteenergy.com/wps/port...7bSrNPsAhS1MiA!!/dl4/d5/L2dBISEvZ0FBIS9nQSEh/

Samuel
 

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Discussion Starter · #13 ·
Thanks I'll call my electric co.

No, you don't have to be a first time buyer for the installation and equipment credit. In fact, I would check with my electric company to see if they have any special programs that would pay for the equipment and the installation.

My friend and I don't qualify for the credit because DTE Energy paid $2,500 for the equipment and labor for installation. There was no out of pocket expenses.

Here is the link if DTE Energy if they happens to be your provider:

https://www2.dteenergy.com/wps/port...7bSrNPsAhS1MiA!!/dl4/d5/L2dBISEvZ0FBIS9nQSEh/

Samuel
Thanks. I'll call my electric co.
 

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I was only able to find a tax credit for the installation at my office.

Here is the Commercial Tax Credit Link: http://www.irs.gov/pub/irs-pdf/f8911.pdf

Does anyone know the direct link for a home installation government tax credit?
The form 8911 is the form that is use to report your home installation. It is also the form that businesses use to report business installation. In your case, you may have file two form 8911's.

One is attached to your business return and one is attached to your personal return. You would report the amount you paid for your home installation on Line 1 of this form.

Look at Line 9 on this form. Depending on your business structure, Partnerships and S-Corps will carry the amount to Schedule K and all others report the amount on Form 3800.

One note of caution: the $7,500 tax credit is reported on form 8936 for individuals and the equipment installation is reported on form 8911. However, I find that most tax software will not allow you to calculate both credits even through you may qualify for both.

Even if you know how to override the system and make a manual entry it disables electronic filing when calculating both credits.

Our office use a commercial tax software package costing more than $1,500 and I have to mail the tax returns in when taking both credits at the same time. Our will be working to find a solution for this before October 15 which is the last day for those who filed and extension.

Samuel
 

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I haven't heard of any Fisker owner not able to take advantage of the federal vehicle credit
I have a not-so-funny story about that… I actually could not take the credit. I took delivery of my car on Dec 31, 2011. Most of my income comes from capital gains and that year I took large recognized losses and had no tax liability (no complaint there). But I could not take the credit (Scurry1074 has given you the right info on that one…), because you can't reduce your liability below zero. If I had waited one more day and delivered on Jan 1, 2012, then I could have used the credit against 2012 income. That was an expensive one-day drive on Dec 31!

And on the wall charger I installed in 2012, I couldn't take the credit on that because AMT defined my tax liability. Small taters, though ($650 charger). Sometimes, timing is everything! Oh, well.
 

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I have a not-so-funny story about that… I actually could not take the credit. I took delivery of my car on Dec 31, 2011. Most of my income comes from capital gains and that year I took large recognized losses and had no tax liability (no complaint there). But I could not take the credit (Scurry1074 has given you the right info on that one…), because you can't reduce your liability below zero. If I had waited one more day and delivered on Jan 1, 2012, then I could have used the credit against 2012 income. That was an expensive one-day drive on Dec 31!

And on the wall charger I installed in 2012, I couldn't take the credit on that because AMT defined my tax liability. Small taters, though ($650 charger). Sometimes, timing is everything! Oh, well.
I had the same problem with trying to get the charger credit last year. I took delivery of my Karma in 2012 and will be putting in the request for the credit on my final return in two weeks. Will see what happens.
 

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I re-engineered a Schneider Electric EV link to make it plug directly into a 220vac dryer socket. It was just a matter of buying a pigtail at the local hardware store and installing a cable clamp. The company engineers came out to inspect the changes, and I wound up with a free charger that has worked flawlessly for 7 months. No tax deduction issue for me.

The EV link is a simple and inexpensive way to go.
 

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Discussion Starter · #19 ·
I re-engineered a Schneider Electric EV link to make it plug directly into a 220vac dryer socket. It was just a matter of buying a pigtail at the local hardware store and installing a cable clamp. The company engineers came out to inspect the changes, and I wound up with a free charger that has worked flawlessly for 7 months. No tax deduction issue for me.

The EV link is a simple and inexpensive way to go.
Question again: Thanks in advance. I have a fairly new home. it was built in 2008. I have a gas dryer, what's the easiest and safest way to know what my dryer plug voltage is? It seems like a standard three pronged plug.
 

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Question again: Thanks in advance. I have a fairly new home. it was built in 2008. I have a gas dryer, what's the easiest and safest way to know what my dryer plug voltage is? It seems like a standard three pronged plug.
Look at the images on the wikipeda page here: http://en.wikipedia.org/wiki/NEMA_connector

If your house was built for a gas dryer only (as opposed to gas-OR-electric) it likely has a NEMA 5-15 (standard household 15-amp 120-volt) receptacle.

If your house was built for either, it should have both this *and* one of the three-or-four-prong (10-30 or 14-30 respectively) outlets, which will be 30 amp, 240 volt (and thus will work with 3.3 kW 240V chargers—note that you're supposed to use a 40 or 50 amp circuit for a 6.6 kW charger, not that the Karma will take 6.6 kW in the first place).

(Electric ovens/ranges are generally wired for 50 amps, using 14-50 outlets now. Tesla's Model S can usefully take 60 or even 70 amp home circuits, but those are rarer and more expensive. Any electrician can hook up an electric range circuit.)
 
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