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Deductions & credits
bought in what year.
here are the rules for 2023
besides the AGI limits you need a tax liability - generally the same as line 22 on the 2022 return of at least $7500 on the joint 2023 return
see this link at the bottom of the page to see if the vehicle qualifies.
https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after
if you buy a qualifying vehicle in 2024, the dealership may offer an advance of the credit which would be applied to the purchase price/financing. I have seen conflicting info on what happens if you don't qualify when you go to file the 2024 return.
‎November 19, 2023
12:39 AM