American Tax Service

Helping Americans File Their Taxes

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faqs

FAQs

How much can I save with a tax credit for an electric vehicle?

The tax credit for an electric vehicle can save you up to $7,500. The credit is available for both new and used electric vehicles, and it is applied to the purchase price of the vehicle. The credit is not available for leased vehicles. The credit is available for vehicles purchased after December 31, 2009.

Who benefits from the tax credit?

The tax credit is a benefit for those who are able to claim it.
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What is Capital Gains Partial Exclusion for Home Sale?

What is the Capital Gains Exclusion?

The capital gains exclusion is an IRS tax provision that allows you to exclude a certain amount of your capital gains from your taxable income. For example, if you have a capital gain of $10,000, you can exclude $3,000 of it from your taxable income.

Capital gain on a home sale is the difference between the selling price of your home and the original purchase price, plus any improvements you made to the home. The capital gains tax on your home can have a big effect on how much profit you ultimately bring in from selling your home and/or property.… Read the rest

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Tax Credits for Electric Cars

Electric vehicle tax credits can be highly valuable, but there are a lot of confusing rules regarding how they work. This guide will show you what you need to know about tax credits on plug-in electric vehicles. It will also answer some of the most common questions people have.

How Much are Electric Vehicle Tax Credits?

electric car and vehicle tax creditAll-electric and plug-in hybrid vehicles bought new in or after 2010 may be eligible for a $7,500 federal income tax credit.
The amount of the credit will vary depending on the capacity of the battery used to power the car.… Read the rest