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zzz
Level 3

Electric Vehicle tax credit, co-owners

I purchased, with my father, a new Electric Vehicle in July 2019. Separate households. 

The sales invoice and registration is to: John Smith Jr. ,  John Smith Sr.

 

For my federal taxes, can I claim the entire tax credit, or must it be proportional to my investment?

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Accepted Solutions

Electric Vehicle tax credit, co-owners

Either one of you will take the entire credit or you prorate it somehow ... but since the credit is a "use it or lose it" situation make sure the 2 of you make the best use of the credit.

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4 Replies

Electric Vehicle tax credit, co-owners

Either one of you will take the entire credit or you prorate it somehow ... but since the credit is a "use it or lose it" situation make sure the 2 of you make the best use of the credit.
zzz
Level 3

Electric Vehicle tax credit, co-owners

@Critter 

 

Great - that's what I wanted to hear.

Electric Vehicle tax credit, co-owners

I could find nothing in the law or Tax Court about how to handle this.  But who is actually driving the vehicle, i.e. placed it "in service?"  Whose name is on the insurance and registration, since you live in different locations?  

zzz
Level 3

Electric Vehicle tax credit, co-owners

Re:"  ... who is actually driving the vehicle, i.e. placed it "in service?" Whose name is on the insurance and registration,"

 

I drive it - my dad doesn't drive any more.  Both names are on the insurance and registration.

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