Questions on EV tax credit?

W

wildfins

New Member
If I bought a Clarity Plug-in Hybrid in March 2019 and happen to sell it sometime after within the same year and assuming that I have more than $7500 in tax liability, will I still be eligible to claim the federal EV tax credit of the tax year 2019 when filing tax return next year in April 2020 when I no longer own the car?

My guess would be yes based on the law as written that the EV tax credit is given to the original and initial buyer of the car - that it cannot be transferred and cannot carry forward to the following years - but I still wasn't sure if the car must be in possession throughout the year in order to qualify so I just want to get some feedback and help from the forum on this topic.

Thanks...
 
Form 8936 intstructions:

The following requirements must be met to qualify for the credit.
  • You are the owner of the vehicle. If the vehicle is leased, only the lessor and not the lessee, is entitled to the credit.

  • You placed the vehicle in service during your tax year.

  • The vehicle is manufactured primarily for use on public streets, roads, and highways.

  • The original use of the vehicle began with you.

  • You acquired the vehicle for use or to lease to others, and not for resale.

  • You use the vehicle primarily in the United States.
As long as you put the vehicle in service/use, you are good. There is no minimum time of ownership requirement.
 
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