Tax savings idea: leasing vs buying an Electric Vehicle (EV)

Here is an idea that could save you some money: lease instead of buying an EV to get the $7,500 EV credit.

As you know, the federal government offers a tax credit of up to $7,500 for the purchase of an electric vehicle.

However, this credit is only available for vehicles that are manufactured in the United States. But, if you're interested in leasing an electric vehicle, there's a loophole that you can use.

Basically, the IRS considers leased vehicles to be commercial vehicles. This means that you can still qualify for the full $7,500 tax credit, even if you lease an electric vehicle that was manufactured outside of the United States.

To take advantage of this loophole, you'll need to work with a dealership that is willing to apply the tax credit to your lease payments. Not all dealerships are aware of this loophole, so it's important to do your research before you sign any paperwork.

If you're interested in learning more about this, please don't hesitate to reach out.