Any current owners ordering for a friend?

[Kcharwood]

I have a friend willing to do it, just need to understand if it's possible what hoops there are to jump through. We would want to make sure the tax credit remains in my name.

 

[DriveMe]

I have a friend willing to do it, just need to understand if it's possible what hoops there are to jump through. We would want to make sure the tax credit remains in my name.

I am not sure you will qualify for the tax credit in such scenario. Check with your tax advisor.

Here is the verbiage to check in particular:

(2) The original use of the vehicle commences with the taxpayer;
(3) The vehicle is acquired for use or lease by the taxpayer, and not for resale;

 

[Bruin1996]

I am not sure you will qualify for the tax credit in such scenario. Check with your tax advisor.

Here is the verbiage to check in particular:

(2) The original use of the vehicle commences with the taxpayer;
(3) The vehicle is acquired for use or lease by the taxpayer, and not for resale;

I am buying one as a gift for my parents. Would I qualify for the tax credit as I will not be reselling it to them but just giving it to them?

 

[DriveMe]

Again, this needs to be discussed with a tax advisor. I might be wrong, but my understanding is that the person on the initial title is the one who gets to claim the credit. So if your parents get the car from the start, they can claim it on their tax return; if you buy the car in your name, let the parents drive it, but don't transfer the title right away, then you should be able to claim the tax credit. What happens if you buy it in your name and then gift it or sell it soon enough after the purchase, I don't know. In the very worst case scenario you may get into a situation where no one gets to claim the credit: the new owner because he/she is not the original owner and you because IRS may claim that you didn't purchase it for yourself. Again, that's just my guess, no need to argue with me, I am not a tax attorney.

 

[Mayo]

Just for info, when I purchased my model S two years ago. I had my son purchase the vehicle as a coowner his name is on the loan and the registration. My tax guy said only one on the registration and loan was allowed to take the credit. So he took the credit but I kept the car. I am not tax attorney just sharing my experience with this issue. I believe that as long as you dont resale the vehicle youll be ok.