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Old 02-12-2023, 09:17 PM
 
Location: Sylmar, a part of Los Angeles
8,364 posts, read 6,461,909 times
Reputation: 17495

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How did it go? I realise it's early for 2023 but I believe the rules were the same last year. I assume you can file for the tax credit after you have filed your taxes and paid whatever you owe. Did the dealer you bought from cooperate with his info required for you to file?
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Old 02-13-2023, 07:48 PM
 
Location: Sylmar, a part of Los Angeles
8,364 posts, read 6,461,909 times
Reputation: 17495
If you make $112,500 head of household or $75,000 single single no tax rebate. So I assume if you buy a used EV in 2023 you have to wait untill you file your taxes in 23 so the IRS can see if you qualify.
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Old 02-14-2023, 12:20 AM
 
Location: Newburyport, MA
12,575 posts, read 9,665,004 times
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Quote:
Originally Posted by V8 Vega View Post
If you make $112,500 head of household or $75,000 single single no tax rebate. So I assume if you buy a used EV in 2023 you have to wait untill you file your taxes in 23 so the IRS can see if you qualify.
I am not any kind of tax guy, but the tax year runs from Jan 1 to Dec 31, and you/the IRS do the reckoning the following year - that's when you square up with them for the prior year.

So if you buy a used EV in Tax Year 2023, the reckoning for the 2023 TY with be done in 2024. This includes any payments you owe them due to underpayment of taxes in 2023, and any payment they may owe you due to overpayment pf taxes in 2023, and I believe it will also include any tax credit due to you for the Used Clean Vehicle tax provision. Income restrictions for eligibility will be applied or waived depending on how much you made in 2023.

Like I said, not a tax guy, the above is just my common sense interpretation, but that usually works. I did find this helpful page online at the IRS, and what I am reading there sounds to me in agreement with what I wrote above.
https://www.irs.gov/credits-deductio...vehicle-credit
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