You can receive non-refundable tax credits of up to $4,000 when purchasing a qualified used electric vehicle (EV) or fuel cell vehicle (FCV) from a licensed dealer, provided the vehicle costs $25,000 or less.
To be eligible, according to the IRS, you must meet the following criteria:
- You should be an individual who bought the vehicle for personal use and not for resale.
- You cannot be the original owner of the vehicle.
- You must not be claimed as a dependent on someone else’s tax return.
- You should not have claimed another used clean vehicle credit within 3 years before the purchase date.
- Your modified adjusted gross income (AGI) must not exceed the following limits: $150,000 for those who are married and filing jointly or are surviving spouses; $112,500 for heads of households.; $75,000 for all other filers.
It’s important to note that not all electric vehicles qualify for this credit. To check which specific makes and models are eligible for the credit, you can visit www.fueleconomy.gov.
For more comprehensive information about the tax credit, visit the IRS link provided: https://bit.ly/3sjBOjb. Additionally, for specific details about eligible vehicles, you can visit: https://bit.ly/47OY190.
If you have any inquiries regarding this post or other matters related to taxes, feel free to contact us at https://www.nosnik.com/contact/. We’re here to assist you!
For more comprehensive information about the tax credit, visit the IRS link provided: https://bit.ly/3sjBOjb. Additionally, for specific details about eligible vehicles, you can visit: https://bit.ly/47OY190.
If you have any inquiries regarding this post or other matters related to taxes, feel free to contact us at https://www.nosnik.com/contact/. We’re here to assist you!