Is this model eligible for $7500 tax credit

  • Thread starter Thread starter Bommai
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Bommai

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This is kind of late for asking. I just bought a new Ioniq 5 today. Now I am wondering I this car is eligible for the tax credit. Hope it is. How will I know for sure? Dealer wouldn’t tell me anything.


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Bommai said:
This is kind of late for asking. I just bought a new Ioniq 5 today. Now I am wondering I this car is eligible for the tax credit. Hope it is. How will I know for sure? Dealer wouldn’t tell me anything.


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If you owe at least $7,500 for this year's income taxes, you can deduct $7,500 for your Ioniq 5 purchase. I believe your dealer must never have sold a BEV before yours. Here's this year's list of eligible BEVs.
 
insightman said:
If you owe at least $7,500 for this year's income taxes, you can deduct $7,500 for your Ioniq 5 purchase. I believe your dealer must never have sold a BEV before yours. Here's this year's list of eligible BEVs.
Click to expand...

Thanks. I guess it only changes each year. I was worried that somehow the Ioniq 5 was eligible in the beginning of the year and if they sold a certain number of them, they may not have the rebate any longer. Based on your post, it looks like I should be able to claim it. Thanks.


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Bommai said:
Thanks. I guess it only changes each year. I was worried that somehow the Ioniq 5 was eligible in the beginning of the year and if they sold a certain number of them, they may not have the rebate any longer. Based on your post, it looks like I should be able to claim it. Thanks.


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Hopefully, your dealer didn't tack on more than $7,500 for a "market adjustment."
 
insightman said:
Hopefully, your dealer didn't tack on more than $7,500 for a "market adjustment."
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They tacked on $3000. Wouldn’t come down below it. They also charged me another $1000 in dealer fees (Florida dealers tend to charge $700-$1200 for this). Having a little bit of a regret I guess. I paid less for my 2022 Odyssey Touring.


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Bommai said:
They tacked on $3000. Wouldn’t come down below it. They also charged me another $1000 in dealer fees (Florida dealers tend to charge $700-$1200 for this). Having a little bit of a regret I guess. I paid less for my 2022 Odyssey Touring.


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You bought two great vehicles. The Hyundai, however, is in short supply, prompting your dealer to buy a new boat.
 
The tax credit is up in the air right now. Nobody really knows but likely your $7,500 will be available in April 2023. If Biden's BBB plan comes through then GM, Ford, and Stellantis could qualify for the full $12,500.
 
teslarati97 said:
The tax credit is up in the air right now. Nobody really knows but likely your $7,500 will be available in April 2023. If Biden's BBB plan comes through then GM, Ford, and Stellantis could qualify for the full $12,500.
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The time when Biden's Build Back Better bill could have been passed (or any future Biden bill, for that matter) has expired.
 
So what paperwork do I need to file for the tax credit next year? Just the bill of sale from my dealer?


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