E85 tax deductible???

[JohnsDSGVert]

I was filling up at my one of my local E85 stations and another guy was filling up. We struck up a conversation and he stated that on his tax return there is a section to report purchases of E85 alternative fuel for a tax deduction.

Has anyone else heard of that.

I printed my receipt for the first time and will save them just in case.

 

[Dragu1a]

that's a good question. they give tax deductions for energy efficient appliances and new, better insulated windows...e85 should count too.

wonder if i could deduct the fuel system that i want to buy to convert. you know....to save the planet.

 

[TheCat033]

Haven't heard of it, but that would be bad ass, especially if you could count the fuel system itself too lol

 

[04SilverSerpent]

I do not believe that you can receive a credit for buying e85 gas...the credits that are in the code are related to your home. There was a deduction several years back for buying an fuel efficient hybrid car that can run e85 for instance, but that was related to the purchase of the car itself and not the gas that it uses.

 

[04SilverSerpent]

Just saw this on another site...

Alternative Fuels Data Center: Federal Laws and Incentives for Propane (LPG)

While the gas itself is not tax deductible, it appears you can get a credit for the install of the equiptment. The credit for gas doesn't list e85 as an alternative fuel if I read it right (since it states e85 in the first paragraph and not the second).

 

[sleek98]

Just saw this on another site...

Alternative Fuels Data Center: Federal Laws and Incentives for Propane (LPG)

While the gas itself is not tax deductible, it appears you can get a credit for the install of the equiptment. The credit for gas doesn't list e85 as an alternative fuel if I read it right (since it states e85 in the first paragraph and not the second).

Correct but that does not include changing your car over to e-85 it would be to install a pump at a station.

I cannot find anything to state that E-85 as a fuel is deductible on your personal return.

 

[04SilverSerpent]

Correct but that does not include changing your car over to e-85 it would be to install a pump at a station.

I cannot find anything to state that E-85 as a fuel is deductible on your personal return.

I guess the question is define fueling equipment..could one argue that for a consumer, fueling equipment is the parts it takes to convert your car over to e85? The first paragraph does speak to the consumer as well...I agree that I don't think you can deduct the cost of purchasing e85.

 

[04sleeper]

It is only directed towards a fueling pump at home or at a station.

Even if they were to offer it on the conversion for E85, it would have to be an EPA certified system. Not just gear heads trying to run cheap race gas! LOL

 

[sleek98]

I guess the question is define fueling equipment..could one argue that for a consumer, fueling equipment is the parts it takes to convert your car over to e85? The first paragraph does speak to the consumer as well...I agree that I don't think you can deduct the cost of purchasing e85.

IRS notice 2007-43 makes it very clear what fueling equipment means. The short answer is pumps and storage tanks installed in fuel stations and in the primary residence.

Never would win when the IRS looks at it.

 

[Mystic03]

It is only directed towards a fueling pump at home or at a station.

Even if they were to offer it on the conversion for E85, it would have to be an EPA certified system. Not just gear heads trying to run cheap race gas! LOL

:lol1:

 

[Dragu1a]

Not just gear heads trying to run cheap race gas! LOL

never hurts to ask, haha.