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?

[limonerven]

Vehicle is a 2022 Ioniq 5
I owe 3,700 to IRS. Would this help remove that debt?

[Vanessa A]

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.