543613
You'll need to sign in or create an account to connect with an expert.
exempt only affects withholding not your tax liability. you are correct. any unused EV credit not used in the year the vehicle is purchased is lost. by the way, not all EV's qualify for the maximum credit of $7,500. Credit is based on size of vehicle and battery capacity and in addition the credit is phased out as more than 200,000 qualifying vehicles made by the manufacturer are sold in the US.
https://www.energy.gov/eere/electricvehicles/electric-vehicles-tax-credits-and-other-incentives
https://www.irs.gov/businesses/plug-in-electric-vehicle-credit-irc-30-and-irc-30d
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
tivo44
Level 2
annarichard05
New Member
user17524181159
Level 1
DX77
New Member
james
New Member