I placed a ton of additional info in the description. Happy Labor Day weekend everyone. Would this EV Credit incentivize you to purchase an electric vehicle in the future?
Do you have any videos on filing taxes for multiple past years, especially if you have a bunch of stock trades (which is why I'm late because the wash sale stuff is so confusing)? Someone told me to buy the Turbo Tax Premier CD that i guess allows you to file up to 5 different returns for past years, but I'm not sure about that. If you reply please give this comment a thumbs up so I am notified. Thanks
Hi, I donât but you would need to go back to the first year you didnât file and do one year at a time. Not sure how many years you are thinking but I would go back to 2018 assuming you didnât file and file from that point forward. As far as turbo tax goes Iâm not sure if that is true about their product you would need to ask them. Hope that helps. Best of luck.
This is what I found: If you purchase and take possession of a qualifying electric vehicle after August 16, 2022 and before January 1, 2023, aside from the final assembly requirement, the rules in effect before the enactment of the Inflation Reduction Act for the EV credit apply (including those involving the manufacturing caps on vehicles sold). You would fall under the old rules and not new.
4:10 it is more than redefining what a clean energy vehicle is ... as they want the battery a larger size so they can't make 'compliance' vehicles as easily BUT the bigger thing is to have the vehicles 'built' in North America vs imports. ala. more manufacturing and jobs here in the USA. That's my take from various reading when this came out. Also the income limits are to keep the 'super rich' from taking advantage of this credit and squash the large complaint about that. More EV choices and production will drive the prices down just like flat screen TVs, computers, etc tech from the past decades. -- the dependent thing must be to avoid super rich parents from buying vehicles in their kids name. ala all to stop anticipated loopholes trickery.
Great points Scott. Thanks for commenting :) I agree that prices will eventually come down. Just right now it is really expensive for the average consumer on a tight budget. It will be interesting to see how quickly they can develop the infrastructure.
This credit appears that the people who can afford such a vehicle will make too much money to be able to get the credit. Not only that, the criteria for an EV to qualify for the credit seems like the red tape one will have to go through wonât make it worth itâs while. Lastly I will never own an EV. Only the Govt is pushing this vehicle.
Great points Dan! I thought exactly the same thing. The people who can actually afford it probably can't get the credit leaving everyone unable to afford the vehicle unless they go into debt. Government is pushing the vehicle hard. They have to make sure the people they actually work for get a good ROI.
Thanks for this information. If a previous owner took the credit for the vehicle and then sold it, can the new owner take credit for the vehicle as well or is it one credit per vehicle?
HI Lazette great question, to my understanding both buyers would be able to get the credit. The first buyer would get the $7,500 credit . The second buyer purchasing the used vehicle would get a credit of up to $4,000.
For used (or new) EVâs, is there a checklist we can we can check off to see if they meet all the new requirements needed by the government to qualify for the rebate while personally window shopping before committing?
This is what I found: If you purchase and take possession of a qualifying electric vehicle after August 16, 2022 and before January 1, 2023, aside from the final assembly requirement, the rules in effect before the enactment of the Inflation Reduction Act for the EV credit apply (including those involving the manufacturing caps on vehicles sold). You would fall under the old rules and not new. As long as you take possession in 2023 you should be good.
Martin: This is what I found: If you purchase and take possession of a qualifying electric vehicle after August 16, 2022 and before January 1, 2023, aside from the final assembly requirement, the rules in effect before the enactment of the Inflation Reduction Act for the EV credit apply (including those involving the manufacturing caps on vehicles sold).
Hi, If the EV car is in transition from Germany to California and will be taking delivery by End of Oct this year. Am I still able to get the fed $7500 credit when I file tax return in next year ?
Hi Raymond, for the credit to apply the final piece of assembly has to occur in North America. There might be an exception to this, but I have not come across it. I would encourage you to do additional research. Also the credit does not kick in until 2023 to the best of my knowledge.
Hi Jolly, sorry i misunderstood your original question. You would want to purchase the vehicle in 2023, not 2022. As far as I know of the credit is only for 2023.
@@MoneyandLifeTV thabk u for getting back to me. I am sorry. I was not clear. I ordered a mach e in feb 2022. Is scheduled for production in 2022 oct. If delivered in nov or Dec of 2022. Al I safe? Do I still get the 7500 credit ? Edit. I re read your last answer. So getting delivered in 2022 is no good. What if the mach e gets delivered in jan 2023? Its a 2022 order tho... do u get the credit ?
I donât want a electric car. The credit sounds good but the car has to many draw backs!
From what I have been hearing that is exactly how most people feel.
Same here, only place to charge one in driving distance of me is the casino I used to work at.
I had a session with Mike, and he was very helpful clearing up complicated tax topics. As a viewer and now one of his clients, highly recommended it.
Anh, thanks so much! Do you mind if I include your feedback on my website or facebook page?
Why buy get a car that the manufacturer and dealer has raised the purchase price to match the credit your getting. Don't be an idiot and fall for it.
Thanks for commenting Dan, yes that is what a lot of people are saying. I suspect that will be the case.
I placed a ton of additional info in the description. Happy Labor Day weekend everyone. Would this EV Credit incentivize you to purchase an electric vehicle in the future?
I plan for an EV in the future this is helpful into what i can qualifynfor
Awesome! Thanks for commenting brother.
Thanks, Mike great info if we decide to purchase a EV. Happy Labor day weekend.
Thanks HB! You too sir. Have a great weekend.
I foresee lots of lies from dealers and lots of people upset over all this.
You must have a crystal ball.... let me know if it is for sale ;) I could probably use one about now.
@@MoneyandLifeTV giggle. No, well, I do have a crystal in the shape of a ball, but it is ocean jasper. I just don't trust car dealers. đ€Ł
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Do you have any videos on filing taxes for multiple past years, especially if you have a bunch of stock trades (which is why I'm late because the wash sale stuff is so confusing)? Someone told me to buy the Turbo Tax Premier CD that i guess allows you to file up to 5 different returns for past years, but I'm not sure about that. If you reply please give this comment a thumbs up so I am notified. Thanks
Hi, I donât but you would need to go back to the first year you didnât file and do one year at a time. Not sure how many years you are thinking but I would go back to 2018 assuming you didnât file and file from that point forward. As far as turbo tax goes Iâm not sure if that is true about their product you would need to ask them. Hope that helps. Best of luck.
I take new delivery of model Y LR between nov-dec this year can I still attempt to file for the ev tax credit for 2023?
This is what I found: If you purchase and take possession of a qualifying electric vehicle after August 16, 2022 and before January 1, 2023, aside from the final assembly requirement, the rules in effect before the enactment of the Inflation Reduction Act for the EV credit apply (including those involving the manufacturing caps on vehicles sold). You would fall under the old rules and not new.
Quick question in regard to tax credits in general. Will Form 7202 Credit for Sick Leave and Family Leave be available for 2022 Tax Year? "Form 7202"
0:00 - 6:29 New EV vehicle tax credits
6:30 Used EV vehicle tax credits
4:10 it is more than redefining what a clean energy vehicle is ... as they want the battery a larger size so they can't make 'compliance' vehicles as easily
BUT the bigger thing is to have the vehicles 'built' in North America vs imports. ala. more manufacturing and jobs here in the USA. That's my take from various reading when this came out. Also the income limits are to keep the 'super rich' from taking advantage of this credit and squash the large complaint about that. More EV choices and production will drive the prices down just like flat screen TVs, computers, etc tech from the past decades. -- the dependent thing must be to avoid super rich parents from buying vehicles in their kids name. ala all to stop anticipated loopholes trickery.
Great points Scott. Thanks for commenting :) I agree that prices will eventually come down. Just right now it is really expensive for the average consumer on a tight budget. It will be interesting to see how quickly they can develop the infrastructure.
Why is California/ USA so obsessed with 100% clean energy. Need a hybrid / Toyota Prius type credit.
True that!
This credit appears that the people who can afford such a vehicle will make too much money to be able to get the credit.
Not only that, the criteria for an EV to qualify for the credit seems like the red tape one will have to go through wonât make it worth itâs while.
Lastly I will never own an EV. Only the Govt is pushing this vehicle.
Great points Dan! I thought exactly the same thing. The people who can actually afford it probably can't get the credit leaving everyone unable to afford the vehicle unless they go into debt. Government is pushing the vehicle hard. They have to make sure the people they actually work for get a good ROI.
Thanks for this information. If a previous owner took the credit for the vehicle and then sold it, can the new owner take credit for the vehicle as well or is it one credit per vehicle?
HI Lazette great question, to my understanding both buyers would be able to get the credit. The first buyer would get the $7,500 credit . The second buyer purchasing the used vehicle would get a credit of up to $4,000.
For used (or new) EVâs, is there a checklist we can we can check off to see if they meet all the new requirements needed by the government to qualify for the rebate while personally window shopping before committing?
What if you place a binding order now and the delivery is in 2023, do the 2022 rules apply or 2023?
This is what I found: If you purchase and take possession of a qualifying electric vehicle after August 16, 2022 and before January 1, 2023, aside from the final assembly requirement, the rules in effect before the enactment of the Inflation Reduction Act for the EV credit apply (including those involving the manufacturing caps on vehicles sold). You would fall under the old rules and not new. As long as you take possession in 2023 you should be good.
Is this also known as the Tax Preparers Full Employment Act?
đ why yes it is!!!
Hello Mike I have a doubt about income tax payable on balance sheet and estimate tax.how income tax payable on balance sheet is prepared .
If I put in an order for a Tesla model y in feb but donât take possession till Jan 2023 do I get the new or old credit?
Martin: This is what I found: If you purchase and take possession of a qualifying electric vehicle after August 16, 2022 and before January 1, 2023, aside from the final assembly requirement, the rules in effect before the enactment of the Inflation Reduction Act for the EV credit apply (including those involving the manufacturing caps on vehicles sold).
Hi,
If the EV car is in transition from Germany to California and will be taking delivery by End of Oct this year. Am I still able to get the fed $7500 credit when I file tax return in next year ?
Hi Raymond, for the credit to apply the final piece of assembly has to occur in North America. There might be an exception to this, but I have not come across it. I would encourage you to do additional research. Also the credit does not kick in until 2023 to the best of my knowledge.
Ford mach e before jan 1 2023 is safe?
Hi Jolly great question. I would assume so, but verify with dealer/manufacture to be sure.
@@MoneyandLifeTV i am sorry. I mean the fed 7500 rebate is safe? Is not cancelled with the ev new rules
Hi Jolly, sorry i misunderstood your original question. You would want to purchase the vehicle in 2023, not 2022. As far as I know of the credit is only for 2023.
@@MoneyandLifeTV thabk u for getting back to me. I am sorry. I was not clear. I ordered a mach e in feb 2022. Is scheduled for production in 2022 oct. If delivered in nov or Dec of 2022. Al I safe? Do I still get the 7500 credit ?
Edit. I re read your last answer. So getting delivered in 2022 is no good.
What if the mach e gets delivered in jan 2023? Its a 2022 order tho... do u get the credit ?
@@MoneyandLifeTV looks like 2022 model mach e is still good for 7500 credit
20,000 Tax credit for buying an EV ? The market just adjusted all EV prices by 40K. :) Welcome to the economy. Enjoy your discount.