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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Electric Vehicle Tax Credit is it limited for a 2020 purchase of Tesla 3 ?
Electric Vehicle Tax Credit is it limited for a 2020 purchase of Tesla 3 ?
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john1
Level 1
03-09-2021
06:49 PM
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I recorded the purchase of a Tesla 3 Electric vehicle in 2020 with all the other relevant information for a Form 1040. Lacerte allows a credit of $7500. However, my other research says the credit for Tesla 3's is expired. Why does Lacerte allow the credit?
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abctax55
Level 15
03-09-2021
07:44 PM
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YOU have to enter the phase out amount. It is dependent upon when the vehicle was purchased, and is determined whether any particular manufacturer has sold too many of the vehicles.
HumanKind... Be Both
