You can claim the tax credit for used electric vehicles (EVs) only once every three years. Additionally, the credit applies only to the first transfer of the vehicle, meaning that subsequent owners are not eligible for the credit.
Key Conditions for Claiming the Credit:
- Three-year limitation: You cannot claim this credit more than once in a three-year period.
- First-time transfer: The vehicle must be transferred for the first time since its original purchase.
- Vehicle requirements: The vehicle must be at least two model years older, have a purchase price of $25,000 or less, and weigh less than 14,000 pounds.
- Income limits: Your modified adjusted gross income must not exceed $150,000 for joint filers, $112,500 for heads of households, or $75,000 for other filers.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-often-can-i-claim-a-tax-credit-for-used-evs/
