schirallicpa Posted May 31, 2023 Report Share Posted May 31, 2023 Client purchased an EV earlier this year - new - and is eligible for the tax credit. However, he wants to upgrade now and get a bigger, nicer EV. He's trading in the first on the second. Can he take both credits? Quote Link to comment Share on other sites More sharing options...
Lee B Posted May 31, 2023 Report Share Posted May 31, 2023 Wow, if he upgrades 3 times before the end of the year, he could generate $30,000 in tax credits Quote Link to comment Share on other sites More sharing options...
Medlin Software, Dennis Posted June 1, 2023 Report Share Posted June 1, 2023 No federal restriction preventing buying multiple eligible vehicles. MUST meet eligibility income level, and have enough liability for each credit (cannot carry over). States may have a hold period. CA does. If the vehicle gets resold from an eligible retailer, the buyer of the used vehicle may be eligible for a rebate too. The used cr market is still wonky. But not as wonky as a year or so ago. It could be the credit will offset most or all of the depreciation on the first buy. Quote Link to comment Share on other sites More sharing options...
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