-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Discussion : All discussion regarding Model 3 and Tax credit in model 3 subforum
- Thread starter mapman
- Start date
Elaborate please. Would it be easier to go to a shady dealership (ie all dealerships)?
Elaboration = NO. Its not happening, and any shady dealership that had a used tesla that was even willing to try something like that would be a place that would also likely rob you blind, either figuratively or literally.
miggz410
Member
Question about California $2000 EV rebate...
I was wondering people who got the $7500 discount for SR3, will be eligible for CA CVRP? Contract shows purchased price is at $41k, which is below the $45k mark. Has anyone contacted them?
I was wondering people who got the $7500 discount for SR3, will be eligible for CA CVRP? Contract shows purchased price is at $41k, which is below the $45k mark. Has anyone contacted them?
Tesla does not currently sell a Standard Range Model 3. Tesla sells a Model 3 Rear Wheel drive that has an MSRP under the $55k sedan limit and yes is eligible for the new tax credit if delivered on 1/1/2023 or later. Currently the M3RWD and MYLR7 are the only Tesla vehicles that qualify for the credit. There was a price reduction in Asia today so perhaps Tesla will reduce US prices and have more models qualify soon.
The US Treasury will suspend rules to reduce the credit based on country of material source for the battery (ie LFP on M3RWD), so once those rules come into effect possibly in March or April the credit could be reduced from $7500. But for January and February there will not be a reduction of that $7500.
Taxpayers must have $7500 of tax liability in 2023 to fully benefit from the tax credit. The credit is nonrefundable and cannot be carried over. Taxpayer must also be under the AGI cap in either year prior or year of delivery. So 2022 or 2023 with an AGI $150k single/300k joint cap. If you are over the limit in 2022 but close to the limit in 2023 increasing 401k deduction or other action might be able to help you squeeze under the limit.
Feel free to consult with your tax expert/CPA to confirm your situation. I actually am a licensed CPA, although I don't currently work in tax.
Last edited:
So I can use income limit in 2022 for a car delivered in 2023, why's it not mentioned anywhere before? It's probably good news for me as I might exceed income limit in 2023
Happy_expat
Member
I am considering a new 3LR and saw the possibility of getting the credit applied to last years tax? Seems to be written on the tesla website. I will file 2022 tax return so this could really work out for me buying from existing inventory. Anyone checked to see if this is possible or would I have to wait to get the credit on 2023's tax return?
s
s
You have to wait until you file your 2023 taxes. (Or adjust your withholdings to have less withheld during 2023.)
Do you guys have any thoughts/opinions on the Model 3 Performance with MSRP under 55k qualifying for the Federal credit? The Tesla site currently says it does when I build one, but the IRS table does not list the M3P for some reason. This is just going to be a roll of the dice I guess? Quite and expensive roll...
I think that a under $55K M3P should qualify but I'm not your financial advisor. There is no reason it does not that I am aware of. It just takes the IRS time to update anything. The M3P did not qualify until the recent price cut. It if helps you feel better, I ordered one under the $55K limit expecting to get the credit and Tesla's site says my build is eligible. I don't think a lot of people were expecting the Performance models to be under the $55K cap until it happened. Honestly, I was just hoping they would drop the M3 Long Range under the cap and thought the people who got the $7,500 credit before the end of the year were getting a deal since I did not think the Performance would qualify. I guess I should have read more into that rebate.
mgs333
Member
No, the manufacturer gets it. It's up to the manufacturer if they pass that (all or a portion) onto the consumer.
Some manufacturers do, some don't.
In the past Tesla did pass the tax credit through on the lease payment, essentially role it in the cap cost reduction. But they haven't announced it yet. Hoping that changes myself.
Occhis
Member
Has nothing to do with how much you owe on April 15. So if your total tax on line 24 is between $1 and $7500, you will get that amount credited which may or may not result in a refund depending on your withholding and/or estimated payments. If line 24 is greater than $7500, then $7500 will be credited. Income limits also apply.
Similar threads
