Tax credit for eletric cars
Relatively new to the US, and US tax rules, I'm wondering how the tax credits for electric cars work.
- Is it possible to claim multiple credits (buy multiple cars) per year ? (does it depend on filing jointly/separately, and is there a total monetary limit ?)
- When is the deadline for purchase for claiming a tax credit for FY2012 ?
- Are there any requirements for how long the car must be in your possession to claim the tax credit ?
It is possible to claim for more than one car. The IRS form has two columns. However, you'd have to owe a lot to make it worth your effort based on the way the credits are applied. No carryover of excess credits is allowed. How it applies to you is not simple and you'd best compute the numbers on your personal situation, or talk to your accountant.
It must be put in service during your tax year, which basically means for most people by December 31st.
I see no requirements on how long you must own the car. Technically the program doesn't apply for cars purchased for resale, but there's no details as the IRS is still working out the details of the rules. See IRS form 8936 for more details.
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