- Joined
- Feb 17, 2024
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- 22
Is anyone familiar with applying for Federal Tax Credit for a used EV?
Is anyone familiar with applying for Federal Tax Credit for a used EV?
Starting Jan 2024, the IRS said that they would not recapture any tax credit received upfront if you were under the income limits.I bought used but didn’t as I’m so poor I generally don’t pay much if any federal income tax. It’s useless to me.
I bought before then, but its useful info for current buyrsStarting Jan 2024, the IRS said that they would not recapture any tax credit received upfront if you were under the income limits.
So even if you don't pay any federal taxes, if you get your money upfront at point of sale, you get to keep the money, provided you are under the income limits.
Note, always get your money upfront as the tax credit is not refundable.
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