IRS updates FAQs on new, previously owned, and qualified commercial clean vehicle credits

Type
:
Development
Tax Area
:
Corporate Income Tax, Individual Income Tax
Status
:
Guidance
Qualification
:
Various
Implemented date
:
NA
Country
:
United States
Date added
16 Apr
,
2024
Docxster’s Summary

The IRS has updated its FAQs on the new previously owned and qualified commercial clean vehicle credits. The FAQs provide guidance on the eligibility requirements, credit amounts, and other important information for taxpayers claiming these credits. Taxpayers should review these FAQs carefully to ensure they are properly claiming the credits and avoiding any potential penalties or audits.

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Article

The IRS today updated the “frequently asked questions” (FAQs) in Fact Sheet 2024-14 to provide guidance related to the new, previously owned, and qualified commercial clean vehicle credits.

As described in the related IRS release—IR-2024-111 (April 16, 2024)—the updated FAQs supersede earlier FAQs that were posted in Fact Sheet 2023-29 on December 26, 2023, and relate to:

  • Topic A: Eligibility Rules for the New Clean Vehicle Credit: Revised Question 10
  • Topic B: Income and Price Limitations for the New Clean Vehicle Credit: Revised Question 11
  • Topic H: Transfer of New Clean Vehicle Credit and Previously Owned Clean Vehicle Credit: Revised Questions 5 and 15

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Source :
KPMG
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