J.K. Lasser's 1001 Deductions and Tax Breaks 2016 by Barbara Weltman

Author:Barbara Weltman
Language: eng
Format: epub
ISBN: 9781119143840
Publisher: Wiley
Published: 2015-09-26T00:00:00+00:00

Pitfall

There are a growing number of electric vehicles (EVs). There are only a limited number of electric vehicles (EVs), but you can find EVs through EVfinder (www.evfinder.com).

Where to Claim the Credit

If the vehicle is used for personal driving, then the credit is reported on Form 8834. Qualified Plug-in Electric and Electric Vehicle Credit, and entered in the Tax and Credits section of Form 1040. The credit cannot be claimed on Form 1040A or 1040EZ.

If the vehicle is used for business driving, then the credit is part of the general business credit and subject to limitations. The same form is used and then the business portion is entered on Form 3800, General Business Credit; the net general business credit is then entered in the Tax and Credits section of Form 1040.

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