EV Tax Credits: Everything You Need to Know for 2024 | Eligibility, Incentive Amount & More

people always forget about the most important part of purchasing a car... the loan interest rate. I just bought the BZ4X with 0% interest for 72months, in this economy crisis... 0% interest is worth way more than $7500

Great video

Can you get a used vehicle and occasionally use it for rideshare driving? Mixed use, maybe 50/50 business/personal miles and deduct mileage (not actual cost)?

The solution to the EV vs ICE debate is simple. Remove all tax incentives, subsidies and mandates for both industries and let people make their own choices. I lived through the Arab Oil Embargo which disrupted the US economy and as a result I saw people choose Japanese imports over domestics because they were more economical. The big 3 noticed and followed improving their MPG. I have been seeing a lot of misinformation regarding both which is understandable considering how much money is at stake. I don’t understand why anyone would love or defend either industry, they are both just trying to get you hard earned money and don’t care about you.

Does that mean any EV on a lease can get the full 7500?

Colorado gives 5k rebate and if you can find msrp below 35k, you get another 2.5k. That would be 7500 on federal and 7500 on state 😮

So I can apply my tax credit, lets say its $7500, into the car price at the dealership and simply do my next taxes as normal?

Can you use the credit as the down payment?

tesla model 3 doesnt qualify????

I bought a Tesla Model 3 last year and claimed this 7500 on my most recent taxes, Now if I buy a new Model Y, will I be eligible for another 7500?

Where does Edmund’s get this once every three year rule? I don’t see this anywhere including the IRS. Actually tax companies say can be claimed as often as you want.

Tax credit then get gas taxed

Too many rules to buying an EV

So can my wife get the uber $20k and this $7k tax credits stacked make it worth it for us. Mayne do power wall bank and solar with soon new roof.

Can you use it for a down payment ?

The dealer I'm trying to buy my used Hyundai Ioniq ev through says their dealership didn't sign up for the rebate program. Is that even a thing? So I asked them if I can send in the paperwork myself and apply for the rebate. They're checking on that. Help! Also, does a tax credit mean that the IRS takes that 4k off what you owe them, or does the IRS send you a 4k check no matter if you owe or not? I'm so confused.

So if all your taxes are taken out on a weekly basis thru payroll taxes, and this isn’t refundable, how can you get this discounted?

So let’s say I buy one of these vehicles let’s stay off of Facebook marketplace and hypothetically will say I make $100,000 a year now am I gonna get that $7500 back in the form of a refund from the government or is it just lowering my Adjusted gross income by $7500? That’s the case that wouldn’t really be worth it as I only be saving you know maybe a couple thousand dollars on my taxes or I would but I’ve already paid in course of the year so technically I’m not gonna owe anything give me any insights into this. I would greatly appreciate it thank you very much.

Great video! Are there tax credits on hybrid or HPEV?

I calculate that if I don't buy a new car I save the most money

Would this tax credit apply to a vehicle (on the list) that I purchased from a private seller?

Big oil is subsidized trillions every year. Big auto bails out every yr.
EV tax credit subsidies go the little guy buying his car.

The used dealers, for the $4K rebate on vehicles at/under $25K, are either 1) Ignorant & Lazy, not wanting to transfer or even process things or register with the IRS, or 2) dealers are fraudulently pricing the Teslas under $25K and requiring customers to give them the $4K therefore actually getting $29K for the Tesla.

Hybrids don’t quality, this is to complicated. It’s a government scam. They make it look like the they’re really concerned about the environment. All the car that quality are crap, unless you buy a tesla model y.

Will this change when it’s 2025? Cause I’m planing on buying a Tesla model 3 and I wonder if this will carry on to the next year or not?

WE just bought a used EV from a local Ford dealer. The dealer has us sign over the EV credit to them & then he chopped the credit amount from the purchase price. My question is do I need to do anything with the IRS come tax time or am I done? I think I read where I still need to fill out the IRS form 8936 even if I did time of sale EV credit, is that correct ??

If I get a return does that mean I can get back 4000 on top of what I usually get ?

Good information but the theatrics is a bit over the top dude!

I can receive the full $7500 tax credit if I use it for a down payment even though I don’t have $7500 in taxes on my tax return?

awesome presentation.

Thank you for this information. Unfortunately I make $7.8 million dollars a year so I don’t qualify 😢

Hopefully you made a video about the available tax credit when buying a used EV

Ey boss. What about the state credit? How do you file that at the point of sale? Take model Y for example

There are close to 60,000 EVs rusting in manufacturer's lots because nobody wants them. If it weren't for taxpayers propping it up, this industry would be dead.

the tax credits have definitely made EVs more appealing, but it’s not just about the upfront savings. The bigger question for me is how it affects your overall financial picture.

Why don’t they just knock off 7500 off MSRP .If I owe 10k in taxes at the end of the year, then with the credit I would only owe 2500? What happens if I break even .I get nothing?

you people taking up on the tax credit are screwing the disabled and elderly! biden\harris stole 230 billion from medicare to fund this program so after the elections of course all receiving medicare premiums will go up by five times what they pay now! both are currently under investigation for violating the hatch act for doing this but hey enjoy that new EV!

I bought my Tesla 3 slightly used in the end of 2022, I thought that rebate is a gimmick, hopefully I`m not too late to file for it

Can I use ev tax credit for used ($4000) and new ($7500) cars at the same year?

What if the dealer is not registered with the IRS and is not going to do Time of sale report? But only provides you with the bill of sale and you also have your 8936 tax form.
Will i get my credit during my tax return? This is a USED CAR
Thank you

The dealership's sales tactics are frustrating. For me.... They advertise used EVs with the EV tax credit already factored into the price, but then add on 'optionally mandatory' fees that significantly increase the final cost. Additionally, they're artificially inflating the base price of the vehicles to account for the tax credit, effectively bringing the price back down to market value after the credit is applied.

You have the head of household and married filing jointly values mixed up

I just purchased my model X. The MSRP is listed at $79,990. However, with additional options like white car instead of the free color option, cream interior and 6 seats instead of 7 seats plus all the other taxes and fees it brought my price tag up to $98k+. Tesla tells me I don’t qualify for the tax credit anymore when on the IRS form it specifically says MSRP without options or fees.

Please help me understand if I qualify or not?

Kiss is goodbye by January

With the last election results… We can kiss all these incentives goodbye…

What if a household gets 4 to 5k in taxes every year?

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