{"id":1533,"date":"2018-12-10T07:38:12","date_gmt":"2018-12-10T07:38:12","guid":{"rendered":"https:\/\/www.irstaxapp.com\/?p=1533"},"modified":"2018-12-10T07:38:41","modified_gmt":"2018-12-10T07:38:41","slug":"gift-electric-car-to-spouse-get-tax-credit","status":"publish","type":"post","link":"https:\/\/www.irstaxapp.com\/gift-electric-car-to-spouse-get-tax-credit\/","title":{"rendered":"Gift Electric Car to Spouse &#038; Get Tax |Credit"},"content":{"rendered":"<figure id=\"attachment_1542\" aria-describedby=\"caption-attachment-1542\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.irstaxapp.com\/gift-electric-car-to-spouse-get-tax-credit\/plug-in-electric-vehicles\/\" rel=\"attachment wp-att-1542\"><picture><source srcset=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2018\/12\/plug-in-electric-vehicles-600x333.webp 600w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2018\/12\/plug-in-electric-vehicles-300x167.webp 300w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2018\/12\/plug-in-electric-vehicles.webp 810w\" sizes=\"(max-width: 810px) 100vw, 810px\" type=\"image\/webp\"><img src=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2018\/12\/plug-in-electric-vehicles.png\" height=\"450\" width=\"810\" srcset=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2018\/12\/plug-in-electric-vehicles-600x333.png 600w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2018\/12\/plug-in-electric-vehicles-300x167.png 300w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2018\/12\/plug-in-electric-vehicles.png 810w\" sizes=\"(max-width: 810px) 100vw, 810px\" class=\"size-full wp-image-1542 sp-no-webp\" alt=\"\" decoding=\"async\" loading=\"lazy\"  > <\/picture><\/a><figcaption id=\"caption-attachment-1542\" class=\"wp-caption-text\">tax credit for plug-in electric vehicles<\/figcaption><\/figure>\n<p>This is holiday season and in a way gift seasons for all ! So here is an idea that will not only be a great gift idea but also pay you back in form of tax credit . The idea is simple -buy electric cars (EVs) as the federal government and a number of states offer\u00a0 tax credits for purchasing\u00a0 \u00a0electric cars also known as <strong><em>plug-in electric vehicles<\/em><\/strong>.<!--more--><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-662733ba536d7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-662733ba536d7\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.irstaxapp.com\/gift-electric-car-to-spouse-get-tax-credit\/#How_Much_Tax_Credit_for_Buying_Electric_Car\" title=\"How Much Tax Credit for Buying Electric Car ?\">How Much Tax Credit for Buying Electric Car ?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.irstaxapp.com\/gift-electric-car-to-spouse-get-tax-credit\/#Just_Buying_Wont_Give_You_Tax_Credit\" title=\"Just Buying Won&#8217;t Give You Tax Credit\">Just Buying Won&#8217;t Give You Tax Credit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.irstaxapp.com\/gift-electric-car-to-spouse-get-tax-credit\/#Form_for_Credit_on_Electric_Vehicle_Purchase\" title=\"Form for Credit on Electric Vehicle Purchase\">Form for Credit on Electric Vehicle Purchase<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.irstaxapp.com\/gift-electric-car-to-spouse-get-tax-credit\/#Do_I_get_Any_Incentive_from_State_on_Purchase_of_Electric_Vehicle\" title=\"Do I get Any Incentive from State on Purchase of Electric Vehicle?\">Do I get Any Incentive from State on Purchase of Electric Vehicle?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_Much_Tax_Credit_for_Buying_Electric_Car\"><\/span>How Much Tax Credit for Buying Electric Car ?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The federal Internal Revenue Service (IRS) tax credit is for $2,500 to $7,500 per new Electric Vehicle purchased for use in the U.S.A.\u00a0 The tax credit amount is dependent on the size of the vehicle and its battery capacity.\u00a0 You can find out specific tax credit amounts for individual vehicles, from <a href=\"http:\/\/www.fueleconomy.gov\/feg\/taxevb.shtml\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"text-align: justify;\">Second thing to know is that the credit is non-refundable. In other words ,it can only offset your actual tax liability and that any excess credit over your tax liability will be lost. However , if you use\u00a0 the electric vehicle partially for business, in which case the portion of the credit allocated to the business use will become a general business credit that is carried back one year and then carried forward.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Just_Buying_Wont_Give_You_Tax_Credit\"><\/span>Just Buying Won&#8217;t Give You Tax Credit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As per the IRS rules , m<span style=\"text-transform: initial;\">erely ordering the electric vehicle even paid fully, won\u2019t be enough \u2013 you will need to receive the car and start using it before New Year\u2019s Day.In other words,\u00a0<\/span>you qualify to claim the tax credit for Electric Vehicle purchase-whether for self or spouse -on your 2018 tax return, only if the electric vehicle was \u201cplaced in service\u201d by December 31, 2018.\u00a0<span style=\"text-transform: initial;\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Form_for_Credit_on_Electric_Vehicle_Purchase\"><\/span>Form for Credit on Electric Vehicle Purchase<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>You need to\u00a0 fill out electric car credit form no\u00a0\u00a0<a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/f8936.pdf\" target=\"_blank\" rel=\"noopener\">IRS Form 8936<\/a>\u00a0then claim the credit\u00a0on the appropriate line of your income tax return\u00a0<a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/f1040.pdf\" target=\"_blank\" rel=\"noopener\">Form 1040<\/a>, . For vehicles purchased in 2010 or later, this credit can be used toward the alternative minimum tax (AMT).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Do_I_get_Any_Incentive_from_State_on_Purchase_of_Electric_Vehicle\"><\/span>Do I get Any Incentive from State on Purchase of Electric Vehicle?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">The answer is Yes. Various states provides monetary and non-monetary incentive on <strong><em>plug-in electric vehicles<\/em><\/strong>. use . So , you may also be eligible for Electric Vehicle incentives from your state if your state provides it.The incentives can be :<\/p>\n<ol>\n<li style=\"text-align: justify;\">Monetary or<\/li>\n<li style=\"text-align: justify;\">additional tax credits,<\/li>\n<li style=\"text-align: justify;\">vehicle or infrastructure rebates or vouchers,<\/li>\n<li style=\"text-align: justify;\">vehicle registration fee reductions,<\/li>\n<li style=\"text-align: justify;\">loans at\u00a0 special low-cost charging rates, and<\/li>\n<li style=\"text-align: justify;\">high-occupancy vehicle lane exemptions.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">To search all laws and regulations relevant to EVs, including businesses, visit <a href=\"http:\/\/www.afdc.energy.gov\/laws\/search\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is holiday gift season. So here is the tax planning idea that may fulfill the gifting desire of your as well as give you a good shot of tax benefits. Just gift the electric car to claim tax credit upto $ 7500<\/p>\n","protected":false},"author":1,"featured_media":1542,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[31],"tags":[560,561,563,564,559,565,562],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/1533"}],"collection":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/comments?post=1533"}],"version-history":[{"count":0,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/1533\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media\/1542"}],"wp:attachment":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media?parent=1533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/categories?post=1533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/tags?post=1533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}