Hello,
Question regarding $7500 federal tax credit for qualified EV from 1/1/2023 to March 2023 guidelines. I have verified the vehicle will qualify for the $7,500 federal tax credit, but I am not eligible due to income restrictions. I am adding a family member that I do not file with and who is not a dependent and I am not their dependent. They will be eligible for the rebate at their income. I have read other posts about being eligible with co-owners, but they have referenced a loan agreement stating ownership. I am not financing and will be paying cash. Can you please help with some guidance on how to purchase the vehicle without financing so my family member could qualify for the credit? Some scenarios could be:
-I pay the vehicle by cash and list myself and family member on bill of sale and title as joint owners. Both owners will drive the vehicle.
-I pay the vehicle by cash and list myself on bill of sale and title the vehicle in both names. Both owners will drive the vehicle.
Also, what documentation must be provided to the IRS for the 2023 tax year? Form 8936 is not updated for guidance after 12/31/2022.
Thank You!
