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The EV Tax Credit is Real (We got a plugin hybrid minivan last year). If you've been thinking about making the switch to and EV and cashing in on that tax credit, here is how it works.
There are three broad qualifications for the EV Tax Credit:
1. You must make less than $150,000 per year if you file taxes individually or less than $300,000 married and filing jointly.
2. Your EV car must cost less than $55,000.
3. Your EV truck, van, or SUV must cost less than $80,000.
However, because of some additional requirements written into the law, not all EVs within the price requirements qualify. Luckily, you can find the details on the IRS’s EV Tax Credit webpage (Manufacturers and Models of Qualified Used Clean Vehicles | Internal Revenue Service).
What's new this year is a tax credit for used EV purchases. This credit can equal up to 30% of the vehicle purchase price with a max of $4,000.
For the used credit the income requirements are a little different:
Here is a list of all qualifying used EVs
(Manufacturers and Models of Qualified Used Clean Vehicles | Internal Revenue Service).
And remember, if you're buying a new car, Carmigo is the best way to sell your old one.
There are three broad qualifications for the EV Tax Credit:
1. You must make less than $150,000 per year if you file taxes individually or less than $300,000 married and filing jointly.
2. Your EV car must cost less than $55,000.
3. Your EV truck, van, or SUV must cost less than $80,000.
However, because of some additional requirements written into the law, not all EVs within the price requirements qualify. Luckily, you can find the details on the IRS’s EV Tax Credit webpage (Manufacturers and Models of Qualified Used Clean Vehicles | Internal Revenue Service).
What's new this year is a tax credit for used EV purchases. This credit can equal up to 30% of the vehicle purchase price with a max of $4,000.
For the used credit the income requirements are a little different:
- $150,000 if married and filing jointly.
- $112,500 for heads of households.
- $75,000 for all others.
Here is a list of all qualifying used EVs
(Manufacturers and Models of Qualified Used Clean Vehicles | Internal Revenue Service).
And remember, if you're buying a new car, Carmigo is the best way to sell your old one.
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