Hi - I am getting mixed responses on this. So, wanted to check what is true.
I am eligible for a Federal tax credit of $7500 as I purchased an Electric Vehicle this year.
I am now going Solar and I see that the ITC Federal tax credit will be $7800 per the solar quote from the solar company I am going with.
I understand that Electric Vehicle tax credit CANNOT be carried forward to next year.
I also understood that Solar tax credit CAN be carried forward to next year.
But, when I claim both of them in the same year, what happens?
For ex:
I am eligible for $15,300 Federal Tax credit this year (based on EV and Solar Tax Credits).
But, If I totally owe $10,000 (just an example) as my total family Federal taxes in 2022; will I be able to claim all that $10,000 this year ($7500 EV tax rebate + $2500 Solar for this year) and carry forward the balance Solar tax credit $5,300 ($7800 - $2500) to next year?
If not, how does that work? Please suggest. Thank you!
