brkaus
Well-Known Member
NopeDo you think it’s possible to get Tesla to reduce the price, say for example a $40k Model 3, to $25k but sell you floor mats for $15k.
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NopeDo you think it’s possible to get Tesla to reduce the price, say for example a $40k Model 3, to $25k but sell you floor mats for $15k.
Elaborate please. Would it be easier to go to a shady dealership (ie all dealerships)?Nope
Elaborate please.
Is an SR3 officially eligible for the 7500 tax credit?
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.
I saw it on an IRS FAQ webpage the other day and yes was very helpful to learn of this.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
No, it would not.Anyone know if a vechial purchased after August 2022 qualifys for the new EV Tax credit. I’ve heard a couple roomers regarding it may. Asking for a M3RWD 2023 that was purchased in Nov.
You have to wait until you file your 2023 taxes. (Or adjust your withholdings to have less withheld during 2023.)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?
The refund is for your 2023 tax return. However you can use your 2022 or 2023 income to get under the 150k/300k limit.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?
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No, the manufacturer gets it. It's up to the manufacturer if they pass that (all or a portion) onto the consumer.So to confirm, when leasing you get the 7500 tax credit up front? That would significantly reduce the lease payment if so and would make a 2 year lease viable.
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.So to confirm, when leasing you get the 7500 tax credit up front? That would significantly reduce the lease payment if so and would make a 2 year lease viable.
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.Please keep in mind that the the
Do you normally get a tax return at the end of the year or do you normally owe the IRS? If you always get a return then take the $3,750 off the car now in December.
The 2023 EV tax credit is NOT REFUNDABLE. That means you can only take advantage of it if you owe the IRS for underpayment. You will not get a bigger return because you bought an EV. Doesn’t work that way.
Also there are income limits to consider with the 2023 tax credit. So make sure both your tax burden will be high enough to make $7,500 credit worth while and make sure you fall under the income threshold.