Dealers must report to you at the time of the sale, and to the IRS by January 15 of the next year: Eligible purchasers will have to fill out Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit when they do their year-end taxes.Ĥ. Is this car purchase for personal, non-commercial use? You cannot plan to resell the car, you cannot be the original owner of the vehicle, and you cannot be claimed as a dependent on anyone else's tax credit. The IRS recently clarified that you may use the AGI from either the year you’re buying the car or the previous year, whichever is lower.ģ. You can check your AGI by looking at your previous year’s tax returns: Income requirements: max adjusted gross income (AGI) of $75,000 for single filer, $150,000 for joint filers, $112,500 for head of household. You can only use this credit once every three years, but it’s a new program, so everyone will be eligible January 1, 2023!Ģ. There are a few requirements for those applying for an EV tax credit:ġ. If the car is eligible, potential purchasers next need to see if they qualify, which depends on their adjusted gross income and a few other factors. Used EV buyers can qualify for a tax credit of up to $4,000. They get an EPA range of 258 miles.Ĭonsumer Eligibility: Can you get a $4000 tax credit?
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |