Can a person use this as an individual (not a business) and the property that is installed is a NEMA 14-50 (Electric Dryer Plug) installed in my garage to be used in conjunction with my Tesla Mobile charger?
I'm not familiar enough with your situation to give a definite answer. Below are the criteria from the form instructions, then questions that I would consider when weighing whether the dryer plug qualifies: Qualified alternative fuel vehicle refueling property is any property (other than a building or its structural components) used for either of the following. To store or dispense an alternative fuel (defined below) other than electricity into the fuel tank of a motor vehicle propelled by the fuel, but only if the storage or dispensing is at the point where the fuel is delivered into that tank. To recharge an electric vehicle, but only if the recharging property is located at the point where the vehicle is recharged. In addition, the following requirements must be met to qualify for the credit. You placed the refueling property in service during your tax year. The original use of the property began with you. The property isn’t used predominantly outside the United States. If the property isn’t business/investment use property, the property must be installed on property used as your main home. Property placed in service after 2022 must be located in an eligible census tract. Question 1. When was the property placed into service? Question 2. If placed into service in 2023, do you live in an eligible census tract? Question 3. Does the dryer plug specifically for charging the Tesla? Question 4. Is this your primary residence (I assume yes). If the property meets the criteria, then you should be able to claim the credit for that cost.
Hey bro. This is super helpful. I just had a quick question. If I buy a used charger, can I still claim the tax credit just for the installation cost ?
I don't think so, unless you bought one 'used' but was never put into service (out of the box, so to speak). This is one of the requirements outlined in the form instructions: *The original use of the property began with you.*
Would installing a this charger at my parents home, that is not mine, make this eligible on my taxes? I down own the home but live there and paid an installer for the work to be done. I meet all of the other qualifications needed for this.
I don't see anything in the form instructions that clearly defines your eligibility or ineligibility for this tax credit. Looking at the page (not the instructions) for the Alternative Fuel Vehicle Refueling Property Credit, here are the criteria: To qualify for the credit, refueling property must be used to store or dispense clean-burning fuel or to recharge electric motor vehicles. In addition, the property must: Be placed in service during the tax year Have original use that began with the taxpayer Be used primarily in the U.S. and U.S. territories If not business or investment use property, be installed on property used as a main home As of January 1, 2023, qualifying property is limited to property placed in service in eligible census tracts. An eligible census tract is a population census tract that is a low-income community as described in section 45D(e) or that is not an urban area. As of January 1, 2023, the definition of qualified property includes charging stations for 2- and 3-wheeled electric vehicles (for use on public roads) and includes bidirectional charging equipment. So, as long as you meet this criteria (I think the biggest new hurdle is the eligible census tract), then you should be able to claim the credit.
Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmepersonalfinance.com/irs-form-8911-instructions/ If you’re looking for tutorials for other IRS Forms that you can file directly through the IRS website, check out our free fillable forms page: www.teachmepersonalfinance.com/free-fillable-tax-forms/
What does it mean when asking me for a GEOID, and where do I find it?
I watched this whole video waiting for you to answer the GEOID question, and you disappointed me
There's a website on here to find your GEOID. Too bad it doesn't give me one. And too bad this video doesn't either! www.irs.gov/instructions/i8911
Can a person use this as an individual (not a business) and the property that is installed is a NEMA 14-50 (Electric Dryer Plug) installed in my garage to be used in conjunction with my Tesla Mobile charger?
I'm not familiar enough with your situation to give a definite answer. Below are the criteria from the form instructions, then questions that I would consider when weighing whether the dryer plug qualifies:
Qualified alternative fuel vehicle refueling property is any property (other than a building or its structural components) used for either of the following.
To store or dispense an alternative fuel (defined below) other than electricity into the fuel tank of a motor vehicle propelled by the fuel, but only if the storage or dispensing is at the point where the fuel is delivered into that tank.
To recharge an electric vehicle, but only if the recharging property is located at the point where the vehicle is recharged.
In addition, the following requirements must be met to qualify for the credit.
You placed the refueling property in service during your tax year.
The original use of the property began with you.
The property isn’t used predominantly outside the United States.
If the property isn’t business/investment use property, the property must be installed on property used as your main home.
Property placed in service after 2022 must be located in an eligible census tract.
Question 1. When was the property placed into service?
Question 2. If placed into service in 2023, do you live in an eligible census tract?
Question 3. Does the dryer plug specifically for charging the Tesla?
Question 4. Is this your primary residence (I assume yes).
If the property meets the criteria, then you should be able to claim the credit for that cost.
Hey bro. This is super helpful. I just had a quick question. If I buy a used charger, can I still claim the tax credit just for the installation cost ?
I don't think so, unless you bought one 'used' but was never put into service (out of the box, so to speak).
This is one of the requirements outlined in the form instructions: *The original use of the property began with you.*
Would installing a this charger at my parents home, that is not mine, make this eligible on my taxes? I down own the home but live there and paid an installer for the work to be done. I meet all of the other qualifications needed for this.
I don't see anything in the form instructions that clearly defines your eligibility or ineligibility for this tax credit. Looking at the page (not the instructions) for the Alternative Fuel Vehicle Refueling Property Credit, here are the criteria:
To qualify for the credit, refueling property must be used to store or dispense clean-burning fuel or to recharge electric motor vehicles.
In addition, the property must:
Be placed in service during the tax year
Have original use that began with the taxpayer
Be used primarily in the U.S. and U.S. territories
If not business or investment use property, be installed on property used as a main home
As of January 1, 2023, qualifying property is limited to property placed in service in eligible census tracts. An eligible census tract is a population census tract that is a low-income community as described in section 45D(e) or that is not an urban area.
As of January 1, 2023, the definition of qualified property includes charging stations for 2- and 3-wheeled electric vehicles (for use on public roads) and includes bidirectional charging equipment.
So, as long as you meet this criteria (I think the biggest new hurdle is the eligible census tract), then you should be able to claim the credit.
Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmepersonalfinance.com/irs-form-8911-instructions/
If you’re looking for tutorials for other IRS Forms that you can file directly through the IRS website, check out our free fillable forms page: www.teachmepersonalfinance.com/free-fillable-tax-forms/