JWW
Well-Known Member
- First Name
- John
- Joined
- Jul 26, 2020
- Threads
- 5
- Messages
- 61
- Reaction score
- 172
- Location
- SE Michigan
- Vehicles
- 83 Mustang GLX, 21 Mach-e FE, 22 Lighting Lariat
- Occupation
- Accountant
I love this forum! I have learned so much, from production to EV charging and cat pictures to boot.
On topic, there are 3 elements that must be proved to support when an asset is "placed in service".
Readiness,
Availability,
Capability,
to perform the intended function
The issue I would be concerned about is availability. If your MME is on a truck or train car how is it available?
Second, is the benefits and burdens of ownership. What if your MME falls off the truck or strikes a low bridge?
Third, if you play the audit lottery and win, your taxes just went up 7,500. But because this is over 5,000 it is now considered substantial underpayment and the penalties just doubled to 20 percent (1,500 more) plus interest. And if your ordeal takes too long to conclude you may be too late to amend 2021.
Now just because I don't have my MME by 12.31 does not mean I can't take the separate credit for installing my charging station. As long as it is ready, avaiable and capable of doing the intended job.
Speaking of charging station, the electricians are installing my service now. I had to increase my service and replace the main panel to accommodate my MME. Side benefit I now have capacity to finish my basement and other projects.
As with all tax items consult with your tax professional (don't rely on what you read on an MME Forum).
On topic, there are 3 elements that must be proved to support when an asset is "placed in service".
Readiness,
Availability,
Capability,
to perform the intended function
The issue I would be concerned about is availability. If your MME is on a truck or train car how is it available?
Second, is the benefits and burdens of ownership. What if your MME falls off the truck or strikes a low bridge?
Third, if you play the audit lottery and win, your taxes just went up 7,500. But because this is over 5,000 it is now considered substantial underpayment and the penalties just doubled to 20 percent (1,500 more) plus interest. And if your ordeal takes too long to conclude you may be too late to amend 2021.
Now just because I don't have my MME by 12.31 does not mean I can't take the separate credit for installing my charging station. As long as it is ready, avaiable and capable of doing the intended job.
Speaking of charging station, the electricians are installing my service now. I had to increase my service and replace the main panel to accommodate my MME. Side benefit I now have capacity to finish my basement and other projects.
As with all tax items consult with your tax professional (don't rely on what you read on an MME Forum).
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