Quote:
Originally Posted by gasstingy
Even if this gets killed, if you buy {take delivery and register it} this year, I'm near certain it would not apply to you. If it does goes through the way it was reported and you took delivery in January, you would not be eligible.
BTW, the $7500 tax credit is only good for $7500 if your tax liability, not the amount you've paid in this year, is $7500. This credit is not able to carryover if you don't use it all. There may be a couple of stratagies to increase your tax liability this year, bringing it from a future year to help max out the amount of your credit, though. By that, I mean, if you were to convert a Traditional IRA to a Roth, you would owe the tax that otherwise would have been deferred until you withdrew the money. Then, THAT money would be Roth, not subject to Federal tax when you withdrew it.
IMPORTANT NOTE: Please don't blindly trust this advice, but talk to a tax person to make sure whatever you do, you are informed about any possible negative consequences.
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I have no worries that I will use all the credit. I have more money than that sitting in the bank waiting to pay the IRS Taxes for this year. So I will take 7,500 of that money out and use it on the car instead of paying it to IRS.
Instant gratification.
It was a bummer to find out my state SC ended EV tax credit last year. That was $2,000 for a Volt.
They voted to end it early that is why I did not know that they did it.