My spouse and I, who file our taxes together in the US, have already purchased a pre-owned electric vehicle in 2024. The purchase was made under my name, and the dealership handled the necessary documentation for us to apply for the tax credit next tax filing season, staying within the under $25k sales price eligibility.
I'm now contemplating acquiring another used EV and wonder if making the purchase in my spouse's name would allow us to claim the credit for both vehicles. I've reviewed the guidelines on the IRS website regarding the used clean vehicle credit, which specify the term "individual" but also reference joint income thresholds.
Could someone with accounting expertise or superior interpretation skills offer insight into this matter?
Appreciate any guidance!
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As an additional point of inquiry:
Regarding one of the EVs, the credit would be claimed at the end of the tax year, while for the other, it would be at the point of sale. If we end up not owing any taxes at the year's end, does this mean we could receive an extra $4k from the tax credit, or is it contingent upon having a tax liability?
Thank you!
