[Scotty1890]

Can anyone clarify if there's a timeframe that you need to keep the vehicle before selling and still be able to get the 7500 fed credit.

 

[Henry Ford]

Form 8936 doesn't ask if you still own the vehicle. According to the IRS website, the vehicle must be "for your own use, not resale." Whether you bought it for your own use is between you and the IRS.*


* Don't take tax advice from an auto enthusiast website.😉

 

[msahin]

Can anyone clarify if there's a timeframe that you need to keep the vehicle before selling and still be able to get the 7500 fed credit.

As long as you bought it you are good for the credit.

 

[doublekandtpropertie]

Suppose it’s bought in this fiscal year ? Couldn’t the person you’re selling it to try to claim the credit before you or would it go off of the original truck purchaser

 

[Voltz]

would it go off of the original truck purchaser

Yes. Basically, first title issued.

 

[Scotty1890]

Oh ok so only the original Purchaser can claim the credit.

 

[Txxthie]

Oh ok so only the original Purchaser can claim the credit.

Yes that is correct because it only applies for new vehicle purchases. The 2nd owner would be purchasing it used. The federal incentives on used vehicles are $4k for EV purchases of $25k or less. That should help keep low end EV values strong.

 

[Leaf-clarity]

Yes that is correct because it only applies for new vehicle purchases. The 2nd owner would be purchasing it used. The federal incentives on used vehicles are $4k for EV purchases of $25k or less. That should help keep low end EV values strong.

Additional side note: A used only qualifies if you buy from a dealer not private party.