Electric Vehicle Tax Credit: Your Ultimate 2023 Guide!

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  • Опубліковано 25 сер 2024
  • In this video, we'll go over the electric vehicle tax credit for 2023. We'll discuss the eligibility requirements, the features of the credit, and the consequences of claiming the credit.
    If you're thinking of buying an electric car in the next few years, then you'll want to watch this video! We'll go over everything you need to know about the electric vehicle tax credit, including eligibility requirements and the features of the credit. We'll also cover the consequences of claiming the credit, so you can make an informed decision about whether or not to take it!
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    🔵 About :
    Rob CPA channel was created with a mission to provide viewers with accurate content so they can be proactive in their tax planning strategies and build financial wealth. The video topics I selected reflect real-world issues that I’ve seen our clients experience relating to their personal tax returns, retirement plans, and accounting.
    The channel allows me to share my passion for taxes, personal finance, and accounting. I create content I wish schools and entrepreneurship programs/accelerators would teach their students and companies. I take complex topics and simplify them for the viewers as well as show examples.
    I will be covering the following topics:
    - Personal & business tax planning tips;
    - Personal finance;
    - Accounting;
    - Investing;
    - Entrepreneurship
    New videos are released every week, so be certain to SUBSCRIBE! : shorturl.at/fL014

КОМЕНТАРІ • 37

  • @boki23m
    @boki23m 3 місяці тому

    According to the form 8396, if the vehicle is used and $4000 credit was received the business/personal use doesn't apply? Can you get a used vehicle and occasionally use it for rideshare driving? Mixed use, maybe 50/50 business/personal miles and deduct mileage (not actual cost)?

  • @osamaaljarrah9851
    @osamaaljarrah9851 5 місяців тому +1

    Is there a way to check if the Tax Credit has been claimed on a vehicle?

    • @rob_cpa
      @rob_cpa  5 місяців тому

      That's a good question - I'm not aware of any website.

  • @AlfredoG10
    @AlfredoG10 4 місяці тому

    Hi rob I bought a new 2023
    Tesla and I didn’t get a full 7500 i only get 4500 I wonder if H&R Block didn’t do my tax correctly

  • @flolou8496
    @flolou8496 4 місяці тому

    Can someone help me with this question?
    Example: Used Chevy Bolt is advertised
    at dealership for 10,000:
    but after the sales tax and
    other fee's from the dealer
    the cost is more like 11, 500 out the door:
    but I also I also wish to purchase an extended warranty
    adding another 1500.00 to the total price
    bringing the final price to
    13,0000, (if I also add the extended warranty)
    _________________________________________________
    Can I say on the IRS EV used car credit program,
    that the cost of the car was
    13,000? or do I have to use only the
    10,000 price of the car, excluding the sales tax and dealer fee's
    and extended warranty cost ?

  • @rileylawson6301
    @rileylawson6301 9 місяців тому +3

    If line 18 is $15,000, and $15,000 were deducted from my paycheck and paid in, I would expect a $7500 return considering the vehicle checks all the boxes for a $7500 credit?

    • @rayclay31
      @rayclay31 9 місяців тому

      This is the exact question I have as well

    • @SomeOldDudeMTB
      @SomeOldDudeMTB 9 місяців тому

      Same here

    • @rileylawson6301
      @rileylawson6301 9 місяців тому

      Wish he would answer it.

    • @silas4627
      @silas4627 8 місяців тому

      i have this exact question as well

    • @andreavelandia3513
      @andreavelandia3513 8 місяців тому

      I also have this exact question. Looking to buy a Tesla Y but the sales guy told me, if I expect to have some money returned already, then I would not get anything for the EV. He said it only works if I would owe money to the IRS, then they would credit up to $7,500. I hope you can help us. Thanks

  • @swillis2599
    @swillis2599 6 місяців тому

    Good video. I hear conflicting info about leases. Got a lease in 2023, my Phev is not on the list, but read there is a loophole. Is a lease considered a commercial vehicle?

  • @stevenlui3662
    @stevenlui3662 6 місяців тому

    Rob, great review, if the car is 100% for business use as a sole proprietor and but there isn't enough taxes to cover the 7500 credit, does the credit pass thru to other sources of income?

  • @alejandroochoa6596
    @alejandroochoa6596 9 місяців тому +3

    Hi Rob, I am taking delivery of a qualifying EV in December 2023. If I would like to utilize my 2022 income (year prior to taking delivery, which seems to be an option), but I have already filed my taxes for ‘22, how would I claim a credit? (2023 income would be above the stated limits and 2022 tax returns have been filed). Thank you

    • @wilkinson949
      @wilkinson949 8 місяців тому +2

      I have same question. I'm taking delivery in Dec '23. I should use my '22 taxes because my '23 will be over the $150k single but my '22 are under the $150k single filing. I can chose to use my '22 tax return to calculate and apply for the credit yet file for the credit on '23 return?
      Second question, I can transfer the credit to the dealer (Tesla), if that is the case, can I transfer the credit to my spouse that files separate?

    • @alejandroochoa6596
      @alejandroochoa6596 8 місяців тому

      @@wilkinson949 I checked with my tax preparer and he confirmed that using ‘22 income (under the threshold) would work. Unsure about your second question.

    • @DeveloperInUS
      @DeveloperInUS 7 місяців тому

      Did you get an answer?

  • @guybrown2808
    @guybrown2808 7 місяців тому +1

    When filing my taxes where do in put that I have a credit?

    • @rob_cpa
      @rob_cpa  7 місяців тому

      Good question -it gets reported on form 8936.

  • @garybaumannjr.8396
    @garybaumannjr.8396 10 місяців тому +2

    So, if I only made say 30k this year and paid in $2,500 in taxes (federal), I expect a refund. Will this tax credit even apply to me?

    • @rob_cpa
      @rob_cpa  9 місяців тому

      You still might be able to claim the credit...it depends on line 18 of your tax return.

  • @user-to9ng4dc9v
    @user-to9ng4dc9v 9 місяців тому

    Hi Rob, Great Video. My question is if you follow all the IRS stated rules, can you purchase a used EV and a new EV together in 2023, and take the combined $4,000 + $7,500 credit? Would you just fill out two 8936 Forms to submit with taxes? Thanks for your help. PS Retired individuals (of which I am one) should consider these tax credits to withdraw money inexpensively from an IRA.

  • @deant007
    @deant007 8 місяців тому

    Thanks, Rob! What if you get the 7,500 credit for 2023 then you resell the car in 2024…. Do you have to recapture or pay any tax? Cheers ⭐️⭐️⭐️⭐️⭐️

  • @leehampton1967
    @leehampton1967 8 місяців тому

    Thank you, for your content. I’ve just converted to full retirement status, from disability status. My plan, replace my vehicle, file my 1099 along with a 8936 ev credit tax form to try and absorb my existing tax liability. Is this realistic? Your feedback is appreciated. Thank you..

  • @matte8433
    @matte8433 8 місяців тому +1

    Is there a limit to the number of credits? If my wife and i jointly qualifly and i puchase 2 new electric vehicles that qualify, would i be entitled to 2x credit? Meaning $15,000 off.

    • @rob_cpa
      @rob_cpa  8 місяців тому

      Good question. The EV tax credit is allowed per taxpayer. Technically, if both spouses file a joint tax return, they might be able to qualify for the EV credit - Intuit also provides a response indicating the same response.

  • @sai2073
    @sai2073 8 місяців тому

    Hi rob, great video. My question are
    1. It says modified AGI in IRS website. So is it something different from line 11 AGI from form 1040.
    2. In IRS website, it says “ you use MAGI from the year you take delivery of the vehicle or the year before, whichever is less” does this mean if I buy a car in 2023 December and when I file taxes in 2024 and if my AGI or MAGI is less than 150k in 2022 tax filing (filed in 2023), I can get the credit? Please help me understand thank You.

  • @amymiller7263
    @amymiller7263 6 місяців тому

    If my AGI is 12000 do I qualify for the credit as self employed

  • @gregoriobarcelo266
    @gregoriobarcelo266 8 місяців тому +1

    Hello rob
    I'm confused. Yes, the IRS always gives me money in taxes, and I don't have to pay anything to the IRS.
    So, I won't receive the credit for buying the car?
    Only those who have to pay the IRS a sum greater than 7,500 receive it?
    Ty in advance

    • @rob_cpa
      @rob_cpa  8 місяців тому

      So the EV credit is non-refundable, meaning, if you don't have any tax, then you can't receive a refund of $7,500 for the EV credit.
      What we are seeing people do is to buy an EV in 2024 since you can give the credit to the dealer and they will reduce the sales price by the credit amount.

    • @paulo123-
      @paulo123- 8 місяців тому

      Are you saying you have no tax liability? You paid no income tax at all?

  • @paulvon2378
    @paulvon2378 5 місяців тому +1

    tax Laws are too complicated.

  • @donaldtoombs3676
    @donaldtoombs3676 7 місяців тому +1

    Hi Rob Please help me answer I live in Maryland Income 90K Tax Liability 11K 2023 Model Y Performance Delivery 02/04/2023. Fully Qualifies 7,500 H&R Block states I don not qualify Any Ideas should I go to an accountant H&R Block is lost in the sauce

    • @rob_cpa
      @rob_cpa  7 місяців тому

      What does line 18 show on your tax return?
      Are they giving you a reason on why it doesn't qualify?
      Enter your VIN on this website and show it to them: afdc.energy.gov/laws/electric-vehicles-for-tax-credit

  • @flolou8496
    @flolou8496 9 місяців тому

    Many people shopping for a used EV are getting conflicting information: How would you answer this question: The EV you have in mind to buy from a dealership isn't aware or even cares to help you as the new potential owner determine if any previous credit has been registered on a previous owner's tax return. For example, many first owner's of EV's have already taken advantage of the larger initial 7500.00 credit that was rolled out in the first promotion of it's kind to encourage EV purchasing. So where does that leave a new owner wishing to apply the new 4,000 ''used EV'' Federal Income Credit? Is the car itself going to be eligible, some ''experts'' are saying yes, and some are on UA-cam saying ''NO'' the car won't be eligible, I bet some of you reading this comment think this is a settled question, trust me it's not,