Federal Tax Credits for used EVs

[Pheefirst]

Is anyone familiar with applying for Federal Tax Credit for a used EV?

 

[Bombastinator2]

I bought used but didn’t as I’m so poor I generally don’t pay much if any federal income tax. It’s useless to me.

 

[marshallinwash]

Is anyone familiar with applying for Federal Tax Credit for a used EV?

You are suppose to have received a sellers report. Do you have one?

If not, check with the dealership if you haven't received one yet.

It should be pretty much straight forward with any tax software if you have your sellers report.

See

https://www.irs.gov/credits-deductions/used-clean-vehicle-credit

https://www.irs.gov/credits-deductions/clean-vehicle-credit-seller-or-dealer-requirements

 

[SueC56]

https://www.nerdwallet.com/article/taxes/ev-tax-credit-electric-vehicle-tax-credit

 

[marshallinwash]

I bought used but didn’t as I’m so poor I generally don’t pay much if any federal income tax. It’s useless to me.

Starting Jan 2024, the IRS said that they would not recapture any tax credit received upfront if you were under the income limits.

So even if you don't pay any federal taxes, if you get your money upfront at point of sale, you get to keep the money, provided you are under the income limits.

Note, always get your money upfront as the tax credit is not refundable.

 

[Bombastinator2]

Starting Jan 2024, the IRS said that they would not recapture any tax credit received upfront if you were under the income limits.

So even if you don't pay any federal taxes, if you get your money upfront at point of sale, you get to keep the money, provided you are under the income limits.

Note, always get your money upfront as the tax credit is not refundable.

I bought before then, but its useful info for current buyrs