Home Charging Station
An often-overlooked credit opportunity is when a taxpayer installs a home charging station for an electric vehicle. The creditable cost will be whatever it costs to install the charging installation at the home, including the labor. The credit is 30% of the cost and claimed on Form 8911. The maximum credit is:
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Personal use - limited to $1,000 per home and is a non-refundable personal credit allowed against the AMT.
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Business use - limited to $30,000
If the taxpayer’s vehicle use is split between personal use and business use the credit must be split between the personal and business use credits.
Qualified alternative fuel vehicle refueling property includes property to recharge an electric vehicle, but only if the recharging property is located at the point where the vehicle is recharged.
Caution
The credit sunsets after 2021. It the credit was overlooked in a year before 2022 it can be claimed on an amended return where the refund statute has not expired, and some reasonable tax benefit can be obtained.