USA EV Tax Credit Question

[salant76]

I figured a Tesla forum would be a good place to ask this question since many of you have owned multiple EVs over the last 5-10 years.

Does anyone know if the $7500 tax credit you get for some EVs (my current car is a VW eGolf which I got in Feb on this year) is a one time deal?

Or if I purchase a new EV next year or the following that still qualifies for a tax credit I still can get that tax credit as well?

Thank you.

Scott

 

[Akikiki]

The tax credit is based on and decreases with quantity sold milestones. It does not apply to models. It applies to the total number of EVs/hybrids, regardless of model, that the manufacturer has sold. How many EV/hybrids has VW sold?

 

[jeremymc7]

Consult the IRS guidelines or your accountant. I believe you can claim more than one, but only one per year. Cars would need to be purchased on different years and used for their respective tax return. Likewise the Tesla's credits are long gone for everyone now. I got one of the last ones before it went away.

 

[salant76]

VW still qualifies for the full $7500. The question is if I upgrade the car in 2021 or 2022 with a car company that still qualifies for a tax credit. Can I still get a tax credit for the new car or once I personally buy one BEV I no longer qualify for an addtional tax credit.

The state rebate which I have done all ready for my eGolf is more clear on the terms with buying new cars.

Thank you.

Scott

 

[jeremymc7]

I believe you can claim more than one, but only one per year. Cars would need to be purchased on different years and used for their respective tax return.

 

[jeremymc7]

Google is your friend.

How many times can you qualify for the federal tax credit

 

[Akikiki]

Consult the IRS guidelines or your accountant. I believe you can claim more than one, but only one per year. Cars would need to be purchased on different years and used for their respective tax return. Likewise the Tesla's credits are long gone for everyone now. I got one of the last ones before it went away.

Nope. I bought two Tesla Model S in 2013. I was first owner for both, so I got to take two $7500 tax credits.

 

[jeremymc7]

Said I wasn't sure. Link from prior message has the specifics confirming as you said re multiple credits, assuming someone has enough liability.

 

[salant76]

Thank you.

When I did a search on TMC forum first got a lot of results so figured it was easier to ask.

 

[Akikiki]

Said I wasn't sure. Link from prior message has the specifics confirming as you said re multiple credits, assuming someone has enough liability.

Yep, and tax credit carries over to next tax year if not all used in first.

 

[swaltner]

Yep, and tax credit carries over to next tax year if not all used in first.

No it does not carry over. If you don't have enough tax liability to use it all this year, you forfeit the extra. There are things you can do to increase your taxes to be able to claim the whole credit, but you are NOT ALLOWED to carry it over to the next tax year.