Claiming the federal electric vehicle tax credit.
Electric vehicle tax credit 2018 golf cart.
If you live in an area where you can get around by golf cart you ve got a potential tax deduction.
Peachtree city has more than 90 miles 144 8 kilometers of golf cart paths and residents use them to travel between the five villages in the community.
Peachtree city ga a community south of atlanta is one area that has encouraged nev use among its residents.
You may be eligible for a credit under section 30d a if you purchased a car or truck with at least four wheels and a gross vehicle weight of less than 14 000 pounds that draws energy from a battery with at least 4 kilowatt hours and that may be recharged from an external source.
And in a new ruling the irs has said the credit applies to street legal golf carts.
You must have purchased it in or after 2010 and begun driving it in the year in which you claim the credit.
Street legal gem passenger and utility electric vehicles get the job done efficiently economically and sustainably with zero emissions and lower operating costs than a gas powered van or truck.
When used this way golf carts are called neighborhood electric vehicles nevs.
The irs offers a green tax credit that s better than a deduction of between 4 000 and 6 000 off the purchase of an electric vehicle.
The irs gives detailed instructions for how to fill out these forms on their website but we ve broken down.
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.
Star ev corporation 378 neely ferry road simpsonville sc 29680 usa toll free.
Electric vehicle tax credit.
I ve been driving an ev for several years now and have thoroughly researched state and federal tax credits and other incentives for a future purchase as well.
Internal revenue code section 30d provides a credit for qualified plug in electric drive motor vehicles including passenger vehicles and light trucks.
A last idea as stated by a man in florida who sells golf carts is to buy the new cart and lease it back to him for approximately the difference between the retail price 8 000 and the tax rebate amount 5 300 or 27 payments of 100 dollars at the end you will own the cart or he will buy it back from you for an additional 2000 in your pocket.
