Instructions for IRS Form 8911 Alternative Fuel Vehicle Refueling Property Credit

IRS Form 8911 Alternative Fuel Vehicle Refueling Property Credit

This document contains official instructions for IRS Form 8911 , Alternative Fuel Vehicle Refueling Property Credit - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8911 is available for download through this link.

FAQ

Q: What is IRS Form 8911?
A: IRS Form 8911 is a form used to claim the Alternative Fuel Vehicle Refueling Property Credit.

Q: What is the Alternative Fuel Vehicle Refueling Property Credit?
A: The Alternative Fuel Vehicle Refueling Property Credit is a tax credit available to individuals or businesses that install certain fueling stations for alternative fuel vehicles.

Q: Who is eligible to claim this credit?
A: Individuals and businesses who install qualified refueling property for use in their trade or business, or for personal use, are eligible to claim this credit.

Q: What types of vehicles are considered alternative fuel vehicles?
A: Alternative fuel vehicles include electric vehicles, plug-in electric vehicles, natural gas vehicles, and hydrogen fuel cell vehicles.

Q: What is qualified refueling property?
A: Qualified refueling property includes equipment that dispenses alternative fuels, such as electric charging stations or natural gas fueling stations.

Q: How much is the credit for qualified refueling property?
A: The credit amount is generally 30% of the cost of the qualified refueling property, up to a maximum credit of $30,000 for businesses and $1,000 for individuals.

Q: How do I claim the credit?
A: To claim the credit, you must complete and attach IRS Form 8911 to your tax return for the year in which the property is placed in service.

Q: Are there any limitations or restrictions for claiming this credit?
A: Yes, there are certain limitations and restrictions, such as a limit on the number of vehicles that can be considered, a phase-out for higher-income taxpayers, and requirements for recapture if the property is no longer used for its intended purpose.

Q: Is there a deadline for claiming the credit?
A: Yes, the credit must be claimed for the tax year in which the property is placed in service, so it is important to timely file your tax return to claim the credit.