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lmog3721
New Member

Can I add my 2011 Honda CR-V for the innovation credit? If so, the purchase date is 12/23 but the registration date is 2/24, which one should I use?

 
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3 Replies

Can I add my 2011 Honda CR-V for the innovation credit? If so, the purchase date is 12/23 but the registration date is 2/24, which one should I use?

It's not clear which credit you're referring to.

 

If it's Colorado's Innovative Motor Vehicle Credit, you can't claim the credit on a used vehicle.  See Nonqualifying motor vehicles in the Colorado Department of Revenue's Income Tax Topics: Innovative Motor Vehicle Credit fact sheet.

 

If you're referring to the IRS' Used Clean Vehicle Credit, you can enter your vehicle's information in Federal Tax Credits for Pre-owned Plug-in Electric and Fuel Cell Vehicles to see if it qualifies for the  credit.

 

As far as the relevant date, according to Previously Owned Clean Vehicle Credit in the Instructions for Form 8936 (2023):

The credit is equal to the lesser of $4,000 or 30% of the sales price of a previously owned clean vehicle you acquired and placed in service during your tax year.

[Bolding mine.]

 

See the IRS' Used Clean Vehicle Credit and Clean Vehicle Tax Credits for more information.

lmog3721
New Member

Can I add my 2011 Honda CR-V for the innovation credit? If so, the purchase date is 12/23 but the registration date is 2/24, which one should I use?

I'm referring to the Colorado Innovative Motor Vehicle Credit. 

According to the link you provided, my vehicle should not qualify because I purchased it used, and it's not an electric vehicle, correct? 

 

If so, how do I remove it from my tax return? I filled it out, using the correct purchase date of 12/23, and it says my return is $5,000, but then it tells me to fix the date to be in the 2023 year, and if I change it to the registration date 2/24, the amount drops by $2,500. Obviously, I don't want to accidentally end up owing that much due to this, but I can't figure out how to remove it if it doesn't belong? 

Can I add my 2011 Honda CR-V for the innovation credit? If so, the purchase date is 12/23 but the registration date is 2/24, which one should I use?

You're correct -- it wouldn't qualify for the credit.

 

To remove your innovative motor vehicle credit information in TurboTax Online: 

  1. Open TurboTax Online
  2. Select  Tax Home in the left pane
  3. On the  Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the State Taxes box, then select StartContinue, or Pick up where you left off
  4. Proceed through the state screens until you come to Take a look at Colorado credits and taxes
  5. Select  Review to the right of Innovative Motor Vehicle Credit
  6. Make any changes necessary
     

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