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Get $7,500 When You Buy A New EV With The EV Tax Credit

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carmigo

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If you bought an EV or plugin hybrid in 2022, you are likely eligible for up to $7,500 in tax credits. We say likely because there are a few stipulations based on your income and the make/model.

This tax credit is also good for 2023, meaning it’s not too late to reap the tax benefits of an EV purchase. If you purchase a qualifying EV this year, you can file for the EV tax credit next year. And starting in 2023, you can also qualify for up to $4,500 in tax credit for the purchase of a used EV.

How Do I Get the EV Tax Credit?

It’s honestly easier than it seems.

The tax credit is an extension of a previously existing credit, but the most significant change is that all new qualifying vehicles must be assembled in North America. That means many foreign manufacturers aren’t capable of making qualifying vehicles right now (though most are working to remedy this).

After purchasing a qualifying vehicle, be sure to keep your documents in a safe place until tax season. When you fill out your taxes, remember to let your accountant, tax filer, or TurboTax know about your purchase.

New EV Tax Credit Requirements at a Glance
  • Income less than $300,000 family.
  • Income less than $150,000 individual.
  • Vehicle purchase price under $55,000 (cars)
  • Purchase price under $80,000 (larger vehicles)
  • Vehicle underwent final assembly/inspection in North America
Which Vehicles Qualify

You can find out if the car you’re thinking of purchasing was assembled in North America using this VIN Decoder from the US Department of Transportation.

We also compiled a handy list of all the vehicles currently listed by the IRS as qualifying.

The tax credit also comes with income stipulations and is only available to US families who make less than $300,000 per year (or $150,000 married filing jointly). But that includes something like 90% of US households.

Get EV Credits on Used Cars Too

The new Used Clean Vehicle Credit extends savings to Americans purchasing used EVs.

Any household that makes less than $150,000 or an individual who makes under $75,000 qualifies for a tax credit equal to $4,000 or 30 percent of the sale price (depending on which is lower).

Used EV purchasers don’t have to worry about the North American assembly requirement but will have to purchase the EV from a dealership to qualify.


Used Clean Vehicle Credit Requirements at a Glance
  • Income under $150,000 (household)
  • Income un $75,000 (individual)
  • Must be purchased from a dealership
  • Not the original owner
  • Not filing as a dependent
  • Have a sale price of $25,000 or less
  • Have a model year at least 2 years earlier than the calendar year when you buy it.
  • Dealer must report required information to you and IRS at time of sale.
Check Our Used Clean Vehicle List
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JsnMrd

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Woohoo! Something to look forward to next year!
 

OleFordGuy

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they can keep it, absolute no use for an EV until battery tech is improved, actual prices paid are reasonable and there's a decent infrastructure across the country to reliably support it . No interest in being pigeon holed into a total 2-3 hundred mile range without ample working chargers that you don't have to sit for hours to get a full charge. when i travel it takes several days to get there. I'll be in a full gas vehicle until technology and infrastructure provides full coverage. Now if city driving all i did ev might be fine, but they dont currently support my lifestyle.
 
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carmigo

carmigo

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they can keep it, absolute no use for an EV until battery tech is improved, actual prices paid are reasonable and there's a decent infrastructure across the country to reliably support it . No interest in being pigeon holed into a total 2-3 hundred mile range without ample working chargers that you don't have to sit for hours to get a full charge. when i travel it takes several days to get there. I'll be in a full gas vehicle until technology and infrastructure provides full coverage. Now if city driving all i did ev might be fine, but they dont currently support my lifestyle.
Understandable. The limited EV infrastructure in rural areas is a huge drawback. There is a long way to go before an EV is an option for people outside of the city.
 

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Sleeper 7

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Why is this garbage on the Maverick forum? Its not a tax credit, its steeling from tax payers. Where do you think the money comes from.
 

commadorebob

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Why is this garbage on the Maverick forum? Its not a tax credit, its steeling from tax payers. Where do you think the money comes from.
From you. It is a nonrefundable tax credit. Meaning you only get it if you actually owe taxes. Otherwise, you just paid full price for the EV.
 

olderbudwiser

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Should go to the IRS link for 2023 tax credit. Im so old I don't know how to do that.
One example for 2023 the Lincoln Corsair was taken off the suv list and put into sedans????? 2022 Corsair was fine. 55K purchase limit. Good luck finding a Lincoln Corsair plug in hybrid for 55k.

Ya Know first world problems. :)
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