Yes, you can transfer your federal EV tax credit to a dealer. Starting in 2024, individuals who purchase new or previously owned clean vehicles (including electric vehicles) may elect to transfer the federal tax credits associated with these vehicles to eligible dealers at the time of sale. This transfer allows you to receive an immediate financial benefit, such as a reduction in the purchase price of the vehicle, rather than waiting to claim the credit on your tax return.
Eligibility Requirements:
- The dealer must be a registered dealer with the IRS to participate in this program.
- You, as the buyer, must meet all eligibility requirements for the New Clean Vehicle Credit or Previously Owned Clean Vehicle Credit.
- The vehicle must be purchased primarily for personal use.
By transferring the credit to the dealer, you will not be able to claim the credit on your tax return, as the dealer will receive the credit through the IRS’s advance payment program.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/can-i-transfer-my-federal-ev-tax-credit-to-a-dealer/
