Federal Tax Credit spread out over multiple years

Allen · Sep 25, 2017

Does anyone know if the Federal Tax credit can be spread over multiple years if you weren't able to take full advantage of it the year you bought the vehicle?

Does anyone know a CPA familiar with the subject I could hire to resubmit my taxes for the past 2 years?

TonyWilliams · Sep 25, 2017

I think it only applies to the taxable year.

DISCLAIMER: I AM NOT A TAX PROFESSIONAL

smkettner · Sep 25, 2017

Single year against TOTAL income tax not just the April payment.
Otherwise consider a lease if a credit is given for the tax adjustment.
New vehicles only so does not really apply to any RAV4-EV.
Not a CPA but I have filed a few returns.

miimura · Sep 25, 2017

If you failed to take the tax credit in the year that you purchased a RAV4 EV new, you could probably file an amended return to claim it in that year. However, only one year would be involved since there is no carryover. I'm sure the IRS would look over this amended return very carefully to make sure you weren't claiming a credit on a car that had already received it.

Allen · Sep 26, 2017

Hi Mike! We met at the EV fest a few weeks ago. I need to email you and James about the ebikes.

I did claim it the year I bought it but was not able to take the whole $7500. Since everyone always quotes the $10,000 rebate ($7500 Fed+ $2500 CA) I was wondering. My friend said he was able to claim it a different year because he also wasn't able to claim it all that year but his was a business purchase.

miimura · Sep 26, 2017

Allen said:
Hi Mike! We met at the EV fest a few weeks ago. I need to email you and James about the ebikes.

I did claim it the year I bought it but was not able to take the whole $7500. Since everyone always quotes the $10,000 rebate ($7500 Fed+ $2500 CA) I was wondering. My friend said he was able to claim it a different year because he also wasn't able to claim it all that year but his was a business purchase.

On personal income taxes (IRS 1040 filing) you cannot roll over any unused portion of the EV credit. I don't know about other tax forms since the businesses that I'm part owner of are all proprietorships that get rolled into the 1040 schedules. Corporate tax may have different treatment.