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Level 4
posted Jan 31, 2025 10:56:08 AM

EV Credit Virginia

Our Scorp purchased and EV vehicle for delivery. How do I claim the Virginia credit?

0 5 2220
5 Replies
Employee Tax Expert
Jan 31, 2025 1:35:59 PM

If you fill out form 8936 for the S-Corp and claim the electric vehicle credit then the information should flow through to your Virginia return for any available credits.

 

@Countingcat 

Level 4
Jan 31, 2025 3:02:55 PM

Form 8936 doesn't seem to be available when I search. Would it be with the 1120S or the 1040? Somewhere I read the info should show up on my Schedule K??

Employee Tax Expert
Feb 5, 2025 8:55:45 AM

The S corp files the 8936 and gives you a k-1. The k-1 allows you to report it on your taxes. The 8936 is not currently showing available in the Business program. You can check here by selecting the dropdown as windows, select 1120 S and federal for the boxes.

Level 4
Mar 1, 2025 11:49:34 AM

On the federal level we are taking a 179 on this vehicle.  If I claim the clean vehicle credit do I put the cost of the vehicle minus the credit for depreciation purposes? 

 

I know it comes over on my Schedule K to for my 1040 but do I also have to report it on form 3800? If so, does Turbo tax atomate that when it shows up on my Schedule K entries?

Employee Tax Expert
Mar 6, 2025 2:08:42 PM

No.  You'll depreciate the full cost of the vehicle.  The EV credit is totally separate from what you paid for the car.

 

@Countingcat