RV Fuel Issues & Prices - Post 'Em Here!
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Forum Discussion
cekkk, the EV credit is not refundable in excess of what you paid in. And any unused credit does not carry forward. The EV credit is the same as any deduction it just wipes out what you would have paid. No other taxpayer money gets refunded to the EV buyer, only your own. That is my point.
If you owe $5,000 and paid in estimated tax of $4,900 you get a credit of the $4,900 only.
On a lease the owner (leasing company) can take the full credit assuming they make money and would otherwise pay that tax. Again only the individual's own money is refunded.
The IRS is not handing out $7,500 checks to anyone that is not paying tax.
It works just the same as an interest deduction or most other deductions.
My original rant was about LR claiming that she is subsidizing EV leases when that is just not true as your point made clear.
If you don't like the way congress is spending money you really need to write to your representatives.
If you owe $5,000 and paid in estimated tax of $4,900 you get a credit of the $4,900 only.
On a lease the owner (leasing company) can take the full credit assuming they make money and would otherwise pay that tax. Again only the individual's own money is refunded.
The IRS is not handing out $7,500 checks to anyone that is not paying tax.
It works just the same as an interest deduction or most other deductions.
My original rant was about LR claiming that she is subsidizing EV leases when that is just not true as your point made clear.
If you don't like the way congress is spending money you really need to write to your representatives.
