Submitted by MSNGIRL on March 29, 2013
I understand that the $7500 federal credit is taken off at the year of purchase for that tax year.
Is the tax credit from the tax of the vehicle or is it from income tax? Or would you just get the credit regardless?
Do you have to have income or have paid tax for that year to get the credit? If so, why? and how much income do you have to make in order to get the credit?
What if there are two buyers? How does that get credited?
I just want to make sure I have no surprises and cover everything before we go through with the purchase.
Thank you for all of your help!