Can an unmarried couple each claim half of the federal EV-tax credit?
We are an unmarried couple who bought a car together. We bought a plug-in hybrid (PHEV) and it qualifies for a 00 federal tax credit. Can the EV tax credit be split between the two of us (filing separately)? How would that work?
So here are the list of cars and credits: www.fueleconomy.gov/feg/taxphevb.shtml
And here is the IRS form: www.irs.gov/pub/irs-pdf/f8936.pdf
On line 4 of the form, I could just type in half the credit amount on each person's tax return. But does anyone have an opinion on doing that?
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The big problem will be that the forms have to include the Vehicle Identification Number (VIN). That implies that there is the possibility that one of the forms might be rejected. There is also the problem that the form may be flagged because the amount claimed doesn't match the amount expected based on the make and model.
The best approach is for one person to claim the whole amount, then transfer half the value of the credit to the other one in cash. That might be difficult because there of the size of the credit, but with the refund it might not be that bad unless you have both planned your tax situation to not get a refund.
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