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This tax credit can help make electric cars more affordable. ... Attach Form 8936 to your federal tax return when you file your taxes. ... 2023-2024. $7,500. $80,000. Tesla.
For the 2024 tax year, the IRS says a model of EV that’s from 2022 or earlier still qualifies for a tax credit of up to 30% of the sales price, up to a maximum of $4,000. Not only that, but ...
In 2024, several EVs are eligible for the federal government's tax credit program, which can reduce what you owe the IRS by up to $7500 for a single tax year.
To claim the credit, you need to attach Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit (Including Qualified Two-Wheeled Plug-in Electric Vehicles), to your tax return.
Under President Biden’s Inflation Reduction Act of 2022, fully electric, plug-in hybrid and fuel cell electric vehicles purchased new in 2023 or after may be eligible for a federal income tax ...
“For tax filing in 2023, it’s worth $2,500 to $7,500 depending on the car’s battery capacity, the car must weigh less than 14,000 pounds, used or leased cars don’t qualify and credits are ...
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