Co-Ownership

[Hammer401]

I’m looking to understand if buying a new Tesla Model Y with co-ownership (2 names on the title) will affect the EV Tax credit.
Would the $7500 tax credit only apply if the person that is eligible is ONLY on the title? Or will it still apply with both people (person ineligible & the other person eligible) on the title?

 

[Goobers]

I’m looking to understand if buying a new Tesla Model Y with co-ownership (2 names on the title) will affect the EV Tax credit.
Would the $7500 tax credit only apply if the person that is eligible is ONLY on the title? Or will it still apply with both people (person ineligible & the other person eligible) on the title?

You are better off finding a tax accounted/CPA to ask.

If you’re lucky, the one I saw here might spot you thread, but honestly, looking for a tax related forum of CPAs makes more sense than a car forum. At least to me.

 

[Galaxy]

I’m looking to understand if buying a new Tesla Model Y with co-ownership (2 names on the title) will affect the EV Tax credit.
Would the $7500 tax credit only apply if the person that is eligible is ONLY on the title? Or will it still apply with both people (person ineligible & the other person eligible) on the title?

EV Tax Credit with a co-signer

I purchased and took delivery of a Tesla Model 3 in June 2019. My dad is a co-signer on the loan for the car and also was present when we took delivery/signed all the necessary purchase agreements forms with me as well. His and my name appears on the car registration. His income qualifies for...

ttlc.intuit.com

Any one owner who qualified can file tax return and claim $7500

 

[240vPlug]

Yes while there are some very knowledgeable folks on this board it's not the place to come for financial/tax advice. Speak to your advisor or CPA who can provide advice which pertains to your unique situation.

 

[Watts_Up]

I am not a CPA, but in US people can fill a joint or separate taxes.
When filing separate income, only one person can deduct the tax reduction.
You cannot split the tax reduction in two parts.