14 Apr 2023 9:31 am
MackTheFinger » 14 Apr 2023, 9:23 am » wrote: ↑ .
I don't pay income taxes.
First, you must buy a new EV that qualifies. Then you’ll need to fill out IRS Form 8936 to claim your credit of up to $7,500 against your tax bill when you file your 2023 taxes. Starting in 2024, however, the new law will allow you to get the credit upfront at the dealer at the time of purchase.
However, the EV credit is what the IRS calls a “nonrefundable” credit, meaning you can’t get more money than the total you owe in taxes. So, if you only owe $4,000 in federal taxes for the year, you’ll owe $0 after the credit, but you’ll “lose” the excess $3,500 you didn’t need.
BTW: The $28,000 price is for a bare bones' car with out the other charges throw in yet.
And it isn't $60,000. Which was my point. There are quite a few cheaper options than $60,000 Teslas.
BTW, I drive a "bare bones car" without any of the upgrades. I never missed the upgrades.