I have a client that is leasing a new 2018 Chevy Volt for personal use.
It is my understanding that the plug in credit is available for both lease arrangements and purchase arrangements. My client leased the vehicle for a capitalized cost of $37k. I have noticed on vehicle websites that $37k is a purchase price new (with notation after federal tax credit).
If the capitalized cost is $37k, does that mean that the dealership gets the federal tax credit and not the lessor. I want to claim the credit if available, but don’t want to if it would be duplication.
Any help would be greatly appreciated. I looked in the seminar manual of the tax update on page 1-50 and it was silent to this issue.