Electric Vehicle Tax Credit 2018 Form

If you purchased a new vehicle that runs on electricity drawn from a plug in rechargeable battery you may be eligible to claim the qualified plug in electric drive motor vehicle tax credit which can reduce your tax bill.

Electric vehicle tax credit 2018 form.

The credit for qualified two wheeled plug in electric vehicles has been extended to cover vehicles acquired in 2018 2019 and 2020. All form 8936 revisions. Federal tax credits for new all electric and plug in hybrid vehicles federal tax credit up to 7 500. Claiming the federal electric vehicle tax credit.

In order to take the credit you must file irs form 8936 with your return and meet certain requirements. General instructions purpose of form use form 8936 to figure your credit for qualified plug in. The irs gives detailed instructions for how to fill out these forms on their website but we ve broken down. 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.

See credit phaseout and line 4b. Notice 2016 15 updating of address for qualified vehicle submissions. Notice 2009 89 new qualified plug in electric drive motor vehicle credit. Under the terms of the tax credit tesla was one of the manufacturers that qualified for the electric car tax credit.

All electric and plug in hybrid cars purchased new in or after 2010 may be eligible for a federal income tax credit of up to 7 500. Line 4b is used to reduce the credit for certain vehicles purchased after 2018. 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.