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Does the Electric Vehicle tax credit apply to a used vehicle…

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Does the Electric Vehicle tax...
Does the Electric Vehicle tax credit apply to a used vehicle or does it have to be purchased new? I bought a used EV 'golf cart' style vehicle (has a full VIN number and is street legal) and are curious if I can use it to benefit from any tax credits for 2016 taxes...
Submitted: 2 years ago.Category: Finance
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Answered in 1 hour by:
2/19/2016
Financial Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 15,211
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

...

Hi, I can help here ... So sorry but, only the original registered owner of an eligible vehicle can claim the federal tax credit. Even if the original registered owner didn't apply for the credit for some reason, it cannot be passed along to a subsequent buyer.

...

There was a good deal of acrimony back in the first days, with the Chevy Volt, when it turned out that several dealerships had, for various reasons, registered new Volts in their own names. By doing so, they made the "retail" buyers ineligible for the car's $7,500 federal tax credit.

...

This applies to any other used EV, plug-in hybrid or other type of vehicle that qualified for federal tax credits when it was new.

...

I hope you'll rate me, using the stars or the ratings request on your screen, (that's the only way we get credit for the work here) based on thoroughness and accuracy, rather than any good news/bad news content ... But if there's something you don't understand, or if you have other questions about this, please let me know....

...

Lane

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 15,211
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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