So if I always get a tax refund and this year, let’s say I change it so I can owe taxes from my checks till I owe $7500. I would then owe 0 for the 2024 year? will that work?
I believe that should work if you’re deciding to take the $7500 tax deduction for yourself instead of transferring to the dealer! That’s how the EV tax incentive has been working for years now, but this year they just gave buyers the option to transfer the incentive to the dealer, who would give you $7500 or so off the car before delivery. No double dipping though, it’s either you keep the tax credits or transfer it to the dealer! (: FYI: If you choose to keep the credits, you don’t get the remainder reimbursed if your tax liability is less than $7500. Unless there’s something missed, I would consult a tax expert. Let me know if that helped!
Just to clarify, this works even if you are going to have a $0 tax liability?
Yes! As of now, as long as you qualify, it should work no matter your liability for the point-of-sale rule!
So if I always get a tax refund and this year, let’s say I change it so I can owe taxes from my checks till I owe $7500. I would then owe 0 for the 2024 year? will that work?
I believe that should work if you’re deciding to take the $7500 tax deduction for yourself instead of transferring to the dealer!
That’s how the EV tax incentive has been working for years now, but this year they just gave buyers the option to transfer the incentive to the dealer, who would give you $7500 or so off the car before delivery. No double dipping though, it’s either you keep the tax credits or transfer it to the dealer! (:
FYI: If you choose to keep the credits, you don’t get the remainder reimbursed if your tax liability is less than $7500. Unless there’s something missed, I would consult a tax expert.
Let me know if that helped!
Problem is I'll loose a lot more than $7500 in depreciation comparable to ANY gas vehicle i buy. Anybody want to buy a five year old EV?