Ed Loh and Jonny Lieberman talk to EV tax expert John McGuire
So, you wanna buy an EV? You’d best listen to this guy!. This matters to people who own, or who will soon own, electric vehicles, because what used to be a rather simple calculation is no longer so. Time was, if you bought an EV that qualified, you got a $7,500 federal tax credit. It was so cut and dried thatby selling them. But the new IRA changes all that. These days? It's complicated.
Enter John McGuire. A Silicon Valley-based CPA and major gearhead, John joins Ed Loh and myself to discuss the financial ramifications of buying or leasing a new electric vehicle. Turns out, it's quite the calculation these days. Where the EV is built comes into play, as well as where the batteries are built. Not only that, how much money you make per year also impacts the credit you can get.
Interested in purchasing an EV in 2023? Or just curious about tax law? You can watch the vodcast right here
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