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How do I report an electric vehicle purchase on my taxes?
I just bought my first electric car and I’m hoping to get the electric vehicle tax credit to get some money back off the purchase price. How do I report an electric vehicle purchase on my taxes?
Allison Stone · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
First of all, congrats on buying your first
electric car
! It’s a great time to not only save yourself money on gas but to also do something good for the environment. To report your new car purchase on your taxes and get your
tax credit
, you’ll need to complete Form 8936 for the Qualified Plug-in Electric Drive Motor Vehicle Credit. Follow the instructions on the IRS website
to complete this form and get your tax credit. You could get up to $7,500!You can save even more money when you sign up with
Jerry
. Jerry is a car insurance
comparison app that acts as a licensed broker and does all the hard work of finding and comparing quotes from the top name-brand insurance companies so you don’t have to. Jerry will even send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price.
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- Gregory R.
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