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Deductions & credits
There have been changes regarding credits for electric cars and the Chevrolet Bolt will be eligible for a credit in Tax Year 2023, but in 2022 they had hit the maximum number of that vehicle which was eligible for the credit, so the credit is not available for Tax Year 2022.
That restriction is being eliminated for Tax Year 2023 but not for 2022.
Here is the IRS link for cars purchased in 2022
"To qualify, a vehicle must:
- Have an external charging source
- Have a gross vehicle weight rating of less than 14,000 pounds
- Be made by a manufacturer that hasn't sold more than 200,000 EVs in the U.S.
You can find your vehicle's weight on the vehicle's window sticker."
Something to keep in mind if you decide to sell or trade-in the 2022 Bolt, there may be a credit that the new owner can apply for.
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‎January 22, 2023
4:10 PM