If I buy a EV in 2023, say a tesla model y long range (is on list for full $7,500.00 credit). Then in 2027 I buy another Tesla model Y, am I am able to claim the tax credit in 2027 also or is the credit a one time deal regardless of how many EV's you purchase in different years?
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The credit is not limited ... it is per vehicle purchased so you can use the credit more than once.
But, be sure to read the AGI limitations in the following IRS FAQ page.
Credits for New Clean Vehicles Purchased in 2023 or After | Internal Revenue Service (irs.gov)
Also, the Credit is nonrefundable, meaning that before the credit is applied, you must have a tax liability equal or greater than the credit being claimed in ordered to get full use of that credit (not including any SS/Medicare taxes due from SE income).
@mgberry - in other words, the $7500 needs to be able 'to fit' into Line 20 so that Line 22 is not less than zero. (See Form 1040).
Unlike the energy credits, the EV credit is 'use it or lose it' - it can not be rolled over to a subsequent year if it can't be used in the year of automobile purchase
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