Hi,
I have a question regarding EV credit. I wanted to know if I'm eligible for EV tax credit if I buy Tesla in year 2023.
This is what I heard so far to get tax credit.
1. I need to owe to IRS to be eligible for tax credit (Line 25d-Line 24 <0) Which mean I should have paid less taxes each month for this year?
2. I will eligible if my tax liablity line 24 on 1040 is more than 7500 USD.
Below is my situation.
Our AGI is less than $300,000 for married couples filing jointly for 2021 and 2022.
My Total Tax for both the years is around 37000 (Line 24) and we usually pay more taxes upfront and we ended getting refund each year.
Based on the above situation, do you think if we buy Tesla Model Y in this year, can we claim 7500 USD for tax credit when we file next year taxes based on my 2021 and 2022 Tax Filings.
I'm hearing different versions on how to get tax credit. I'm confused, please advise me in lay man's language ( in terms of Line 25d-Line 24)
Thanks,
VVVG
