@jpck_0424 wrote:
Hello,
So what about in the case of a full-on battery electric vehicle (BEV) with tax deductions worth $7500? For example, I bought a Hyundai Kona Electric a couple of months ago, but now I regret it because it is too small for our family. Because I didn't purchase it with the intent to resale, would I be allowed to still claim that federal tax credit if I were to sell it a couple months later? Thanks.
Yes, you can still claim the credit on your 2022 tax return since your intent was to use the vehicle as your personal vehicle.
If you sell the vehicle for less than the purchase price you do not report the sale on your tax return.
However, if you do sell the vehicle for more than the purchase price then you have to report the gain on the sale on your tax return. The gain on the sale of a personal vehicle would be taxed at the long term capital gain tax rate.
