I ordered EUV back in August. The dealer told me it was built on December 16th. It should be coming in early January. From the recent information, I should be eligible for the entire $7500 rebate since I will get it before March. Is my analysis correct? (I do meet the income requirements, btw.)
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2023 US Tax Incentives for EVs
There are already a number of threads discussing the upcoming tax incentives for EVs and Charging Equipment. The result is a lot of duplication across the site.
Please, if you are just getting started, take some time to read about the incentives before asking questions, and if you do need clarification, try asking in existing active threads on the topic.
Here are a few good resources for getting up to speed:
Please, if you are just getting started, take some time to read about the incentives before asking questions, and if you do need clarification, try asking in existing active threads on the topic.
Here are a few good resources for getting up to speed:
- IRS Official Site
- EV Incentives for 2023: What You Need To Know About 2023 EV Tax Credits -
- States Incentives: See What's Happening in My State -
- EV Charger Tax Incentives: https://driveelectriccolorado.org/incentives/tax-credits-2/
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Is it possible to get the $4000.00 used car rebate if you purchase your two year old lease from GM Financial?
In the first link above, there is this statement re: Used EV purchases:Is it possible to get the $4000.00 used car rebate if you purchase your two year old lease from GM Financial?
- The purchaser cannot be the original user of the vehicle.
AFAIK, yes, except it's a tax credit, not a rebate. You'll have to claim it when you file your 2024 taxes next year.From the recent information, I should be eligible for the entire $7500 rebate since I will get it before March. Is my analysis correct?
And whereas some tax credits are refundable, this one is not and does not rollover either. So unless you have 7500 tax due (after withholding tax etc), you won’t receive the full benefit of the tax credit. Some ideas: convert 401k to Roth IRA.AFAIK, yes, except it's a tax credit, not a rebate. You'll have to claim it when you file your 2024 taxes next year.
So if you owed $20,000 in federal taxes in 2023, and had withholding of $18,000 would you be able to claim and the $7500 credit in 2024. Essentially, would the $7500 credit offset the $20,000 tax obiligation?
Right, in this case your tax liability is $20k, so you would qualify for the full credit. Withholding has nothing to do with the credit eligibility.So if you owed $20,000 in federal taxes in 2023, and had withholding of $18,000 would you be able to claim and the $7500 credit in 2024. Essentially, would the $7500 credit offset the $20,000 tax obiligation?
Let us not forget you can also use the previous year's tax return for proof of income eligibility requirements. This can come in handy for those whose income was not but is now too high.
Does anyone know if there are any requirements on length of ownership of the car for the federal incentive?
Hypothetically, could you buy an EV on Jan 30th and sell it Jan 31st and still claim the tax credit?
I haven't seen any indicating a length of ownership requirement so I assume yes. Not that I'm planning to do that, just curious.
Hypothetically, could you buy an EV on Jan 30th and sell it Jan 31st and still claim the tax credit?
I haven't seen any indicating a length of ownership requirement so I assume yes. Not that I'm planning to do that, just curious.
FS-2022-42, December 2022
"In addition, to qualify for the credit, the vehicle:
•Cannot be acquired for resale purposes;"
The real question is, "Why would they buy it from you, instead of the dealer?".
"In addition, to qualify for the credit, the vehicle:
•Cannot be acquired for resale purposes;"
The real question is, "Why would they buy it from you, instead of the dealer?".
Thanks! I think I did read that line at one point and thought, "ok, I'm not acquiring for resale purposes, so I'm good" and then forgot all about it.
After I got the car, I was talking about the tax credit and someone asked me if that meant I had to keep the car for a certain period of time and I realized I didn't know the answer! Not planning to sell anytime soon, but also don't want to accidentally forfeit thousands of dollars!
After I got the car, I was talking about the tax credit and someone asked me if that meant I had to keep the car for a certain period of time and I realized I didn't know the answer! Not planning to sell anytime soon, but also don't want to accidentally forfeit thousands of dollars!
I completely understand. Just hope the auditor will as well.Thanks! I think I did read that line at one point and thought, "ok, I'm not acquiring for resale purposes, so I'm good" and then forgot all about it.
After I got the car, I was talking about the tax credit and someone asked me if that meant I had to keep the car for a certain period of time and I realized I didn't know the answer! Not planning to sell anytime soon, but also don't want to accidentally forfeit thousands of dollars!
Now, it may not matter that I can't take delivery before March...
abcnews.go.com
If you have access, you can also read about this latest development at The Washington Post or The Wall Street Journal.
Manchin pushes to delay tax credits for electric vehicles
Democratic Sen. Joe Manchin is trying to delay new tax credits for electric vehicles, a key feature of President Joe Biden’s landmark climate law
abcnews.go.com
If you have access, you can also read about this latest development at The Washington Post or The Wall Street Journal.
One more question, does anyone know what (if anything) the dealer has to do at the time of sale? I realize we didn't discuss this while doing paperwork and nothing they gave me references the tax credit.
I see this on the IRS's website:
I see this on the IRS's website:
- The seller reports required information to you at the time of sale and to the IRS.
- Sellers are required to report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit.
@pbolted A dealer, authorized representative should have filled out and signed a Chevrolet New Electric Vehicle Federal Tax Credit Eligibility Form for you.
Thanks! I was going to follow-up here; I already asked the dealer and they had filled out the form and submitted it (wherever that goes) but somehow I left the dealership without a copy when I picked up the car.@pbolted A dealer, authorized representative should have filled out and signed a Chevrolet New Electric Vehicle Federal Tax Credit Eligibility Form for you.
Once you know the name of the form (New Electric Vehicle Federal Tax Credit Eligibility Form) it's easy to find guidance on it but without that name it is quite the mystery!
Thanks for posting this! I was the first person to buy an EV from a dealer in KY. They were very conscientious about getting all the paperwork submitted for the credit. I took delivery of a Bolt EV in Jan, and it looks like I get the full $7500!
Take delivery means getting your tags/plates in order, for the tax man right? Not simply driving it off the lot?Thanks for posting this! I was the first person to buy an EV from a dealer in KY. They were very conscientious about getting all the paperwork submitted for the credit. I took delivery of a Bolt EV in Jan, and it looks like I get the full $7500!
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