JOhnH
Touchdown! Greaser!
My CPA retired at the end of 2022. I haven't met his replacement yet but I will ask him this question when I do.
In the mean time, if I buy an EV in 2023 in time to claim the EV tax credit, will that credit be based on the tax I paid in 2022, or the amount I expect to pay in 2023? I don't know how much that will be yet but I know it will be MUCH less than 2021. I sold a ton of stock and mutual funds in 2021 in order to purchase a piece of property, and I paid a ton of taxes on those proceeds. In 2022 I basically had only SS income but lived off of savings that were already taxed, so my 2022 taxes should be very minor (less that the max $7,500 credit).
I'm asking because from what I understand the current credit runs through March, and I won't know my 2023 tax liability by then.
In the mean time, if I buy an EV in 2023 in time to claim the EV tax credit, will that credit be based on the tax I paid in 2022, or the amount I expect to pay in 2023? I don't know how much that will be yet but I know it will be MUCH less than 2021. I sold a ton of stock and mutual funds in 2021 in order to purchase a piece of property, and I paid a ton of taxes on those proceeds. In 2022 I basically had only SS income but lived off of savings that were already taxed, so my 2022 taxes should be very minor (less that the max $7,500 credit).
I'm asking because from what I understand the current credit runs through March, and I won't know my 2023 tax liability by then.