Question

who can claim EV Tax credit while gifting a car

Forum|Forum|4 years ago
February 25, 2022
1 reply
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I plan to gift my wife an EV. I plan to have the new car title in her name.

However, I plan to take the loan in my name (not my wife's name).

We file our taxes separately. In this case, who is eligible to claim tax credit? Would it be my wife? or me? Can someone point me to links which clarify how to claim tax credit in such situations?

Not A Product Question

J

JulieS

The credit can only be claimed by the owner of the car, so in this case, your wife would get the credit.

Here are the basic requirements to get the credit from the instructions for Form 8936:

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.