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I BOUGHT A TOYOTA SIENNA 2024 NEW HYBRID IS THAT QUALIFIED FOR A DEDUCTION

 
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2 Replies

I BOUGHT A TOYOTA SIENNA 2024 NEW HYBRID IS THAT QUALIFIED FOR A DEDUCTION

what deduction. usually with ev's you get a tax credit.

The 2024 Toyota Sienna Hybrid may qualify for a tax credit under Internal Revenue Code Section 30D. To claim the credit, you can use Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit, and submit it with your  tax return. you should have gotten paperwork from the dealership where you bought it since you could have allowed the dealer to get the credit and then the dealer would have reduced what you would pay by the amount of the credit. 

MayaD
Expert Alumni

I BOUGHT A TOYOTA SIENNA 2024 NEW HYBRID IS THAT QUALIFIED FOR A DEDUCTION

Plug-in hybrids may qualify for the EV tax credit, but regular hybrids will not.

 

However, If this is not about the EV credit, Individuals who own a business or are self-employed and use their vehicle for business may deduct car expenses on their tax return. If you use the car for both business and personal purposes, the expenses must be split.

Business use of car

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