So my question is can i write off the 7500 ev credit if it does not show on my full bill of sale contract? Is there a way the IRS keeps track of VIN numbers on what was submitted. How do they know what EV car was submitted for the tax credit? I don't want to submit the 7500 and get audited
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The Clean Vehicle Credit rules change every tax year. So, you need to be extra careful to be certain that you meet the qualifications for the tax credit for buying an electric vehicle.
For purchases in 2024, one of the rules is that the seller or dealer must report the clean vehicle credit information to you and to the IRS at the time of the sale (time of sale report). The information reported to the IRS does include the VIN number for the vehicle.
If you did not receive the 'time of sale report' at the time of the sale, you should contact the dealer where you purchased the vehicle to request it. It is possible that it was not provided to you because the vehicle purchased did not qualify for the credit since there are strict requirements in place.
You will not be able to claim the credit unless the dealer did register the vehicle with the IRS at the time of the sale to you.
To learn more, take a look at the following information from the IRS:
Credits for new clean vehicles purchased in 2023 or after
How to claim a clean vehicle tax credit
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