What happens with Kia/Hyundai/Genesis then?
No idea how they’re organized
It’s on the referenced page
Genesis is a subsidiary of Hyundai, both brands are running against the same 200k to phase-out.
Kia is its own company, Hyundai just have an ownership stake (think Saab/GM), so they get their own 200k before phase-out.
I see Polestar got pulled out from Volvo now that Geely “owns” neither, so they each get their own 200k before phase-out.
I’m glad this got merged into its own thread and the one about BBB was closed since the BBB version is not happening, at least not in the next year.
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It takes an income way above $40k to incur $7500 in tax liability.
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The total tax line of your last 1040 might give you an idea how much of the Federal credit you can claim, assuming your 2022 income/deductions are similar. To your point, it’s not safe to assume based on just one’s income, and nobody at the dealership will be able to honestly advise you.
If you only make $40k annually you probably shouldn’t be purchasing an EV… or you’re really “good” at doing your taxes.
People did till they killed it. Fisker / Karma used the platform till 2020ish? I think they use bmw engines and batteries now.
Amen.
A couple of days ago I was asking some halfhearted hypothetical questions about a new Taycan, and when I mentioned the tax credit the sales guy said that they aren’t allowed to discuss the matter more than superficially, but then sort of whispered to me that he thought ineligibility kicked in somewhere around $200k in annual income.
And then I thought… “Sir, I have internet access and an index finger. I already know that’s wrong.”
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Is there a list of makes that allow you to apply this to leases?
Not really, each OEM sometimes only applies it to 1 and only 1 out of their entire electric fleet (Such as Kia who only applies it to the Niro and not the EV6)
Chrysler is the only one so far who applies it to all of theirs.
You have to check each one separately.
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No, and it can change month to month, and it be different between models in a brand. Check Autobytel for the make/model you are interested that month.
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Question on the EV credit, if I sell the car not keeping it long.
Hypothetically speaking. I can pick up an EV in Jul 2022. Drive 500 miles. Sell it in Aug 2022.
Next year, in Feb 2023, when filing my taxes, I can still claim the EV credit?
You could literally buy 1 a month and sell it, though that might trigger some audit flags. (Resale rule)
As long as it is registered in your name (And as a new car not a used) then you qualify.
Just remember Leases don’t count.
Im talking about purchase specifically…
There is no limitation for how long you have to hold a purchased vehicle. You simply cant buy with the intent to resell.
Reminds me of my religious values. Everything depends on intent.
Since the fed isn’t God, how are they judging intent?
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You don’t want to be trying to get an appointment with the IRS because you got one of those ‘notices’ and trying to explain to them that they aren’t God…lol
Ok, so I get a notice. They claim they can’t validate my intent. I pay the credit back? Is there gonna be a fine?
Im trying to calculate a expected value, if you sell before getting the credit.
Case A: 95% chance you don’t get audited, you get the credit, => 0.95 * 7500 = 7125
Case B: 5% chance you get audited, you refund the credit and pay a fine, say $2500. => 0.05*-2500= -125.
Expected value = A+ B = 7125 - 125 = $7,000.
What am I missing?
This is game theory 101…
I don’t speculate on
- Horses
- Baseball Games
- IRS audits
So good luck…but yes you can buy as many cars as you want.
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