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Submitted By: someone
Answered: April 22, 2022 2:24 am
Answered: April 22, 2022 2:24 am
I bought an electric car. Can I take a tax credit?
Whether you can take a tax credit for a plug-in electric vehicle (EV) depends on the manufacturer. The tax law set a 200,000 sales limit on manufacturers for these vehicles and Tesla and GM have already passed this limit; no credit for the purchase of a Tesla or GM EV is currently allowed. For other plug-in electric vehicles, the amount of the credit varies with the model. The IRS has a list of qualifying vehicles.
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Tax Glossary
Private letter ruling
A written determination issued to a taxpayer by the IRS that interprets and applies the tax laws to the taxpayer’s specific set of facts. A letter ruling advises the taxpayer regarding the tax treatment that can be expected from the IRS in the circumstances specified by the ruling. It may not be used or cited as precedent by another taxpayer.
