ElectricMotorcycleForum.com
General Category => General Discussion => Topic started by: Richard230 on February 04, 2015, 04:03:39 AM
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I just had my taxes prepared by my accountant and according to him the EV rebate was rolled over by Congress last year and you can continue to receive the same IRS income tax credit for an EV purchase during 2014 as in 2013. That amounted to almost $2000 knocked off of my IRS income tax payment. :) Plus, earlier this year I received a check from the CA EV rebaters for $900 and since they didn't file a 1099, this appears to be a non-taxable gift. :)
You get this "credit" by filing IRS tax form 8936.
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I think he's wrong. According to form 8936 itself in the "What's New" section:
The credit for qualified two- or three-wheeled plug-in electric vehicles expired for vehicles acquired after 2013.
That's pretty black and white that it didn't get rolled over for motorcycles.
However, if you acquired the vehicle before 2014, but placed it in service during 2014, you may still be able to claim the credit for 2014.
Do not report qualified two- or three-wheeled plug-in electric vehicles acquired after 2013 on Form 8936 unless the credit is extended.
This just means you can take the credit if you bought it in 2013 and it didn't get delivered until 2014. The credit was not extended by Congress.
That's how it was explained to me by the TurboTax folks.
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Well, that was what I said to my tax guy and I showed him the form with the instructions that said it was only valid for purchases made in 2013. But he said that changed when Congress passed the latest budget, that the EV credit was renewed and that the IRS just hasn't bothered to up date their instructions for their form 8936 yet. This seemed reasonable to me as in previous years the IRS updated that form in mid-February. It appears to be about the last form that they update each year. I guess I will find out one way or the other as my return has been sent off electronically. If I get a bill for $1000, I'll let you know. ???
I think that if the EV credit was not renewed we would have heard about in the news it by now, considering how many expensive electric vehicles (Teslas) were sold last year.
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Aw bugger, I did my taxes already.
I'd heard that the EV tax for cars was renewed, but the bike portion was not. I guess we'll see... I'll bake a cake with a file in it for ya, just in case! :)
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Aw bugger, I did my taxes already.
I'd heard that the EV tax for cars was renewed, but the bike portion was not. I guess we'll see... I'll bake a cake with a file in it for ya, just in case! :)
I asked my guy about that story and he said that he had seen it too, but that electric motorcycles were not dropped from the EV credit in the final version of the bill. In any case, he prepared my tax return right in front of me using the latest on-line IRS form 8936 and it accepted my purchase date and VIN number and instantly computed the 10% tax credit. Before I got up from my seat, my taxes had been calculated, my return submitted and he told me that I could return to his office on Friday for a paper copy of my documents (and to pay my fee).
I suspect that what happened is that in the end Congress just decided to not change a thing in the budget bill tax laws and leave the hacking of any deductions for this year when the Republicans have full control of both houses of Congress.
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I just picked up my tax return today and my tax preparer said that my return, with its Form 8936 attached, was electronically filed with the IRS without a hitch. :)
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Only qualifies for new vehicles right? Was it a rebate or a deduction and how much?
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Only qualifies for new vehicles right? Was it a rebate or a deduction and how much?
New vehicles sold in 2014. The "credit " (off the top of your tax bill - it is not a deduction) is 10% of the purchase price, up to $2500 for motorcycles and $7500 for autos. My 2014 Zero S, with its power tank, cost just under $20,000, so that netted me $1924 off of the federal taxes that I have to pay this year.
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Doing my own taxes with TurboTax 2014.
The program will not allow me to take the credit because the vehicle was purchased after 2013. I'll wait a bit to see if the program is updated to account for changes in the law. ???
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I, too, was under the impression that the tax incentives for two-wheeler EVs expired at the end of 2013. Zero's website says exactly that:
http://www.zeromotorcycles.com/incentives/ (http://www.zeromotorcycles.com/incentives/)
I hope that your tax guy is right!
I also hope that I will be able to claim my 2015 Zero on next year's tax return :)
Where I live there is a state (CA) and county (San Joaquin) tax incentive for EVs - when I got my Leaf (2012) I was able to take advantage of the Federal tax incentive as well - all three added up to a nice discount.
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Just had my taxes done and the rebate is indeed renewed. ;D
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Just had my taxes done and the rebate is indeed renewed. ;D
What I figured happened is that the bill went to the Senate without the motorcycle credit and then the Oregon senator who it was aimed at (and who was apparently also the chairman of the Senate finance committee) put it right back in the Senate's version of the bill. When it went to the conference committee to work out any kinks between the House and Senate bills, they just left it in and that is the way the budget bill got finally signed by the President. Isn't politics wonderful? ::)
Meanwhile, there the original story about the credit being deleted from the House version of the bill still floats around, without anyone double-checking the final version of the law (I can understand that, as who can figure out these tax law bills anyway?) Zero should really make sure what the law says about the electric motorcycle purchase credit and update their website.
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Zero should really make sure what the law says about the electric motorcycle purchase credit and update their website.
It's not just Zero. TurboTax (both the program itself and the phone support) still say it hasn't been renewed. And I can't find any citation that it has been, other than this thread.
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When I had my 2012 tax return prepared by H&R Block, their in-house computer program also said that the electric motorcycle credit was not available, although the IRS on-line form would accept the credit input and I knew that the credit was legitimate. It took them two months to update their program. The refused to use the IRS form to complete my return. I had to wait until the end of February before they updated their EV credit form. That was the last time I dealt with those guys.
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Any updates? Has anyone's return been accepted or rejected due to the credit?
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Any updates? Has anyone's return been accepted or rejected due to the credit?
My return was accepted by the IRS computer system with no complaints that I have heard about and I should find out within a day or two if I received my $1924 credit when I receive my checking account statement. (If I didn't get the credit, I would be getting a letter from the IRS and likely a $1K bill.)
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I received my electric motorcycle purchase credit from the IRS via a direct deposit of my tax refund directly into my checking account about one week after my return was electronically filed without any changes to my tax liability. So the IRS computer gate-guard is letting the tax form 8936 go through and is allowing the 2014 electric motorcycle purchase credit. Which is not to say that the IRS couldn't come back some day and take the money back, but from what I hear they have enough tax return review problems to keep them busy for many, many years. So I figure that the federal government helped me pay for the purchase of my 2014 Zero S :D
But who knows what will happen with the tax code for this year's purchases. ???
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Thanks for the update!
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I am going through Turbo Tax and with the latest updates it still doesn't
recognize the Zero as a valid EV for the deduction.
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I am going through Turbo Tax and with the latest updates it still doesn't
recognize the Zero as a valid EV for the deduction.
I take it that Turbo Tax isn't giving electric motorcycle buyers any respect. My guess is that the M/C EV credit is too far down on their tax return upgrade priority list to be much of a concern - except to the people who would like the credit. :(
I had the same problem with H&R Block two years ago, which is why I am no longer using them to prepare my taxes. This year I used an independent tax preparer who has been in the business for 35 years. Whatever computer program he uses (perhaps the IRS website?) had no problem accepting the credit for my Zero purchase.
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As much as I'd love to claim the credit for my Zero (purchased in 2014), I'm hoping to find some more official information first.
Richard (or others), can you call your accountant to find out any reference information for this bill that was passed (ie. bill # ______, passed on <date>)? Is there any other information you can offer, besides the fact that you haven't been flagged for an audit (yet)?
thanks,
jheth
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As much as I'd love to claim the credit for my Zero (purchased in 2014), I'm hoping to find some more official information first.
Richard (or others), can you call your accountant to find out any reference information for this bill that was passed (ie. bill # ______, passed on <date>)? Is there any other information you can offer, besides the fact that you haven't been flagged for an audit (yet)?
thanks,
jheth
My tax preparer has people lined up outside his door 10 or 15 deep this time of the year. There is no way I can get him to answer a question like that. However, I did ask him about the credit expiring when he was preparing my tax return and he told me that the story about the motorcycle credit being discontinued for purchased last year was untrue and the tax law was just rolled over last year and had the same deductions as the previous year. I suggest that you contact the IRS directly, either by phone or through the internet, and check on the e-motorcycle purchase credit if you want to verify the information.
In any case, nothing ventured, nothing gained. ;D My odds of getting audited are exactly Zero. ;) I am too small a fish and the IRS has better things to do with their limited time. Still, I would like to point out that when you fill out the IRS form electronically (as my accountant did), if you don't submit the correct brand, model, year and VIN into the form, it will not be accepted on to the form and the credit calculated. When the information was not rejected by the IRS form, I knew that I would be getting the credit and that the IRS computer system would not be rejecting the credit request. :)
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crap. I did my taxes online and at the time (just a few weeks ago) everything I was reading indicated to me that the credit was no longer available for motorcycles. Guess I'll be calling the IRS to see about filing an adjustment...
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http://www.irs.gov/pub/irs-pdf/f8936.pdf (http://www.irs.gov/pub/irs-pdf/f8936.pdf)
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OK, so it's 2016 now. 2015 purchases are now eligible! Anyone done their taxes yet? Any tax programs doing it right this year? I'm looking at turbotax.com and taxact.com/science - any recommendations?
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oops- current discussion is in http://electricmotorcycleforum.com/boards/index.php?topic=5330.45 (http://electricmotorcycleforum.com/boards/index.php?topic=5330.45)
so far one vote against taxslayer.com and one says turbotax does it right.