EV tax credit for more than 1 vehicle in the same house hold?

Hi hackers, newbie question as we haven’t bought electric cars before: let’s say me and my wife both switch to electric cars, will the tax credit double to $15k, or it’s capped at $7.5k per household?

Also do we have to keep the cars for a certain amount of time to claim the tax credit?

If you are leasing, there is no Federal tax credit for you to claim: the leasing company gets it.

The state rebate is applied at POS now in CA. CVAP and CVRP are currently wait-list only.

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Sorry for not being clear, I meant buying electric cars, not leasing. I’ve been leasing 2 Volts and now thinking to buy Mach-Es as the leasing numbers are too high to justify.

Got it. Moving to Off Ramp since it’s not a leasing question.

Have you read through:

https://cars.usnews.com/cars-trucks/how-does-the-electric-car-tax-credit-work

You should always consult your cpa.

If you’re thinking of trying to take 2 credits the same tax year, nope. But theoretically two successive years - if you qualify -should be fine.

There is no recapture period on the current Federal Tax credit. There is discussion of changing the Federal EV tax credit, but it’s all still discussion and no proposal takes effect before Jan 1, 2022.

And if you search, there has already been tons of discussion on the various ev tax credits.

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You can absolutely take the credit twice in one year, so long as it’s two separate vehicles and you have the tax liability to credit.

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I guess so too because I just look up IRS form 8936 and it does have 2 columns for 2 vehicles. The instruction is fairly complicated so I think I’ll pull the trigger and let Turbo Tax figure it out next April :slight_smile:

Note the tax liability. You need to owe $15,000 in federal income tax to fully benefit from the tax credits.

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What do you mean by ‘You need to owe $15,000 in federal income tax’? Is that beside what is withheld from my W2?

My federal tax withheld amount is greater than $15k.

Then you’re fine

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Yes, that’s an ideal situation. You’ll have $15,000+ refunded.

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Depends which company. That’s true with Tesla. But with BMW if you get 30 mo lease you can claim it.

The only party eligible to claim the Federal EV tax credit is the buyer. If you lease, you are not the buyer, the bank is. How long you lease is immaterial.

Now if you did an Owner’s Choice (ballon), that is different - because you own it, you can claim the federal credit (if eligible). It has nothing to do with the brand or the term.

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