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Since the I-Pace is a new EV for 2018, I hope it would qualify for the full tax credit in the US.
One question is when should we expect to see the I-Pace added to the list of vehicles? :|
 

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The Federal credits keeps changing so much, but Jaguar should still be able to get the full amount since they haven't hit the 200,000 qualified EVs limit. Maybe the I-Pace will be added when they start showing up in dealerships? These things take so long...
 

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I got my I-Pace delivered to me January 12, 2019. The dealer in Greensboro, NC told me the tax credit of $7,500 would be applied through your CPA when you did your taxes next year. Does anyone know how one recovers the tax credit?
I just bought my wife a 2019 BMW 530e hybrid -- BMY dealer gave me $5000 off the MSRP at the time of delivery.
Any ideas and help appreciated.
 

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I got my I-Pace delivered to me January 12, 2019. The dealer in Greensboro, NC told me the tax credit of $7,500 would be applied through your CPA when you did your taxes next year. Does anyone know how one recovers the tax credit?
I just bought my wife a 2019 BMW 530e hybrid -- BMY dealer gave me $5000 off the MSRP at the time of delivery.
Any ideas and help appreciated.
I don't know how dealer can give you the federal tax credit, it is a credit you apply when filing your taxes (so depending on when you took delivery it would apply to that years taxes). You also may have state specific credits available, you should check in your state.

And finally don't forget some states there are credits for installing/buying the L2 EVSE and/or some utilities will give credit for electric bills.

https://afdc.energy.gov/laws/state_summary?state=NC
 

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I got my I-Pace delivered to me January 12, 2019. The dealer in Greensboro, NC told me the tax credit of $7,500 would be applied through your CPA when you did your taxes next year. Does anyone know how one recovers the tax credit?
I just bought my wife a 2019 BMW 530e hybrid -- BMY dealer gave me $5000 off the MSRP at the time of delivery.
Any ideas and help appreciated.
The Federal Tax Credit for the 530e is $4668, it has no bearing on the selling price of the car or any dealer incentives/discounts you were able to get. If you bought it and are the first registered owner, when you do taxes for 2019, you will be able to get a credit for both the I-Pace & the 530e. If you leased the 530e the leasing company can get the credit and often times (it should be always, but some leasees don't pay attention) they pass on that savings to the customer.
 

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Note that state and perhaps utilities can have income limits and limits to how many cars you can collect from.

From California, the state has a $300k file jointly limit based on Fed tax return, and 2 cars since 2015 per individual, so a married couple could claim 4.
There are utility rebates. $1000 for the LA area.
There are regional rebates too for central CA.

Do your homework for your state, utility, city, and region. California can go over $11,000 in total rebates.
 

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I got my I-Pace delivered to me January 12, 2019. The dealer in Greensboro, NC told me the tax credit of $7,500 would be applied through your CPA when you did your taxes next year. Does anyone know how one recovers the tax credit?
I just bought my wife a 2019 BMW 530e hybrid -- BMY dealer gave me $5000 off the MSRP at the time of delivery.
Any ideas and help appreciated.
You will recover the federal credit against your federal tax bill when you file with the IRS.

Your CPA should use form 8936 to get the credit.

https://www.irs.gov/pub/irs-pdf/f8936.pdf
 

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You will recover the federal credit against your federal tax bill when you file with the IRS.
For clarification, you have to have a minimum tax liability of $7500 to get the full credit. A number of people have a lower tax liability, such as some retired folks (so I've heard). There are a few things you can do to bring it up if you should desire to, like taking an extra IRA distribution. Consult a CPA if you're unsure.

For some the AMT also figures in. I have zero experience with AMT. I do have and use a CPA. My taxes get complicated and math makes me sleepy. :grin2:
 

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For clarification, you have to have a minimum tax liability of $7500 to get the full credit. A number of people have a lower tax liability, such as some retired folks (so I've heard). There are a few things you can do to bring it up if you should desire to, like taking an extra IRA distribution. Consult a CPA if you're unsure.

For some the AMT also figures in. I have zero experience with AMT. I do have and use a CPA. My taxes get complicated and math makes me sleepy. :grin2:
Got my FULL $7,500 Tax Credit for 2018...yep, that worked. :grin2:
 

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Thanks to all above for the tips and advise.Will look into all the rebates and hope to get the Federal Tax breaks when doin my taxes for 2019, Both cars were bought and not leased this year.
 

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Thanks to all above for the tips and advise.Will look into all the rebates and hope to get the Federal Tax breaks when doin my taxes for 2019, Both cars were bought and not leased this year.
Also look into the rebates/tax credits for installing your level 2 or better EVSE. I picked up some of that too, including the electrical work it took to get it set up and the L2 EVSE itself. For example:

30% Federal Tax Credit for Purchase & Installation of CC EVSE

More useful information on this page:

EVSE Rebates and Tax Credits, by State

In your specific case this site should be useful:

https://www.randolphemc.com/content/revup
 

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The "owner" gets the tax credit. If you purchase, that's you. If you lease, that's the lessor. It's up to the lessor whether or not they pass any, or all, of the tax credit on to the lessee as an "incentive". I know from my three EV leases from BMW that they gave the full $7500 for the i3, but only half of the amount on my two PHEV's as "incentives". Dealer has no input on this, it's JaguarUSA's call.
 

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Discussion Starter #18
Also look into the rebates/tax credits for installing your level 2 or better EVSE. I picked up some of that too, including the electrical work it took to get it set up and the L2 EVSE itself. For example:

30% Federal Tax Credit for Purchase & Installation of CC EVSE

More useful information on this page:

EVSE Rebates and Tax Credits, by State

In your specific case this site should be useful:

https://www.randolphemc.com/content/revup
I don't see where this EVSE Federal tax credit is applicable for tax year 2018? :frown2:
 

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It's not. You had to do it "back when". I did.
Dang, I forgot about that. Sorry. :frown2:

Congress has retroactively renewed the Alternative Fuel Infrastructure Tax Credit, which provides a tax credit of 30% of the purchase and installation cost of electric vehicle charging stations. The tax credit is now valid for all 2017 projects.
We'll have to wait and see if they do it again.

There's still the state incentives where applicable. My state never had them, and they discontinued the EV rebate too right after I got mine.
 
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