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Purchasing an electric vehicle from family member, family member financed and would pass loan to me. If I purchase the vehicle this way, do I still get the tax credit?

Vehicle is a 2022 Ioniq 5
I owe 3,700 to IRS. Would this help remove that debt?
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1 Reply
Vanessa A
Employee Tax Expert

Purchasing an electric vehicle from family member, family member financed and would pass loan to me. If I purchase the vehicle this way, do I still get the tax credit?

No.  In order to get the used EV credit, you must purchase the vehicle from a a dealer.  It cannot be a private sale.

 

For the vehicle to qualify the following has to be met:

  • At least 2 years older than the current model year (for 2023 Tax Season this means a 2022 model or older) 
  • Must have a sales prices of no more than $25,000
  • Be used primarily in the US
  • Have a GVWR of less than 14,000lbs
  • Cannot have been used for a used vehicle credit previously
  • Bought from a dealer (cannot be a private sale)
  • The dealer must report certain information to you at the time of the sale

This Credit is Non-Refundable and cannot be carried forward. 

 

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