For qualified used EVs, the dealer reports required information to you at the time of sale and to the IRS.Ī dealer is a person licensed to sell motor vehicles in a state, the District of Columbia, the Commonwealth of Puerto Rico, any other territory or possession of the United States, an Indian tribal government, or any Alaska Native Corporation.Be for use primarily in the United States.Be an eligible FCV or plug-in EV with a battery capacity of least 7 kilowatt hours.Have a gross vehicle weight rating of less than 14,000 pounds.Not have already been transferred after August 16, 2022, to a qualified buyer.For example, a vehicle purchased in 2023 would need a model year of 2021 or older. Have a model year at least 2 years earlier than the calendar year when you buy it.To qualify, a vehicle must meet all of these requirements: If your income is below the threshold for 1 of the two years, you can claim the credit. You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. $150,000 for married filing jointly or a surviving spouse.In addition, your modified adjusted gross income (AGI) may not exceed: Not have claimed another used clean vehicle credit in the 3 years before the purchase date.Not be claimed as a dependent on another person’s tax return.Be an individual who bought the vehicle for use and not for resale.
Used chevy volt for sale code#
You may qualify for a credit for buying a previously owned, qualified plug-in electric vehicle (EV) or fuel cell vehicle (FCV), including cars and light trucks, under Internal Revenue Code Section 25E. Purchases made before 2023 don't qualify. You can't apply any excess credit to future tax years. The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. The credit equals 30% of the sale price up to a maximum credit of $4,000. Beginning January 1, 2023, if you buy a qualified used electric vehicle (EV) or fuel cell vehicle (FCV) from a licensed dealer for $25,000 or less, you may be eligible for a used clean vehicle tax credit (also referred to as a previously owned clean vehicle credit).
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