From what I've seen on this site. You have to claim it on your 2023 taxes not 2022.
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This 2023 tax year credit appears on the 2023 tax return which you will file Jan - Apr 2024.
Your income produces a tax liability. If that tax liability is greater or equal to $7500, then you get the full credit (assuming your AGI is within the limits, and irs does not change anything in March).
So your tax liability - EV credit = adj tax liability. Your tax withholdings - adj tax liability = your refund or amount you owe.
unfortunately, you have quite a wait before you can benefit from it. If you have any stocks or the like you wouldn't mind selling now, you could balance it out. If you understanding your withholding patterns well, you could adjust them, but that's hard to do if your income varies and the state and fed laws continue to.
Dale_L
Member
I had a red VW ID.4 Pro S Plus AWD reserved with VW since August. On 1/4/2022, VW raised the MSRP by $1,500. Early Friday morning, 1/13/2023, I learned about the huge Tesla price drop on the ID.4 forum. I hadn't even been considering a Tesla Model Y because of the price. After consulting with my wife, I ordered a blue MY LR with 19" wheels. MSRP $53,990 excluding delivery charge, which was $1,700 LESS than the ID.4!
I placed my order at 10:23 am. At 10:41 am, I received an email with my MY's VIN. At 11:04 am, I received an email to schedule my Tesla delivery. I picked up my MY on 1/21/2023, just eight days after ordering.
My car was built at the Austin plant. The build quality is good. There is a minor dash rattle from the plastic faux wood dash piece that I will schedule eventually to be looked at. I cancelled my ID.4 reservation. There is an ID.4 reservation statistics website. According to what I have seen on that site, I would probably not get "my" ID.4 until maybe April or May. ID4 Reservation Statistics
For those who bought a MY last year, you have my sympathy; you got burned. However, a car (At least for me.) is a long term commitment. (5+ years). I feel fortunate. I just happened to be in the correct situation to take advantage of the price drop. I will also be able to take advantage of the Federal IRA $7,500 tax credit next year when I file my 2023 income taxes (as I also could with the ID.4).
So far I love "Marvin". ("Life, Don't talk to me about Life.")
I placed my order at 10:23 am. At 10:41 am, I received an email with my MY's VIN. At 11:04 am, I received an email to schedule my Tesla delivery. I picked up my MY on 1/21/2023, just eight days after ordering.
My car was built at the Austin plant. The build quality is good. There is a minor dash rattle from the plastic faux wood dash piece that I will schedule eventually to be looked at. I cancelled my ID.4 reservation. There is an ID.4 reservation statistics website. According to what I have seen on that site, I would probably not get "my" ID.4 until maybe April or May. ID4 Reservation Statistics
For those who bought a MY last year, you have my sympathy; you got burned. However, a car (At least for me.) is a long term commitment. (5+ years). I feel fortunate. I just happened to be in the correct situation to take advantage of the price drop. I will also be able to take advantage of the Federal IRA $7,500 tax credit next year when I file my 2023 income taxes (as I also could with the ID.4).
So far I love "Marvin". ("Life, Don't talk to me about Life.")
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but no more than anyone else who bough a popular car or truck and paid a 10k ADM.
It's hard to predict when bubbles pop, and quite a few have been broke trying to short the market.
In my case, I needed to get my existing vehicle (subaru) to my mother before winter. At least I was on February pricing.
Purc
T
You took delivery in 2023 so you file on your 2023 tax return in early 2024
I like to look through used car ads on cars.com from time to time. Dealers are still trying to sell MY LR and P models for more than they cost new...some even before tax credit. I saw several selling MYP with around 10k miles asking 61 or 62k. A lot of LR still well into the 50s unless your looking at higher mileage 2020 models.
I don't understand how dealers expect to get more for a used example then a brand new example sells for these days. Are they just too arrogant to lower their prices and take a loss? Or have they just lost their minds? It has to be costing them even more money the longer they hold it.
I don't understand how dealers expect to get more for a used example then a brand new example sells for these days. Are they just too arrogant to lower their prices and take a loss? Or have they just lost their minds? It has to be costing them even more money the longer they hold it.
Nothing of substance yet again. If you're on a campaign of ignorance, you sure are good at it. If not
and so it begins...
Mississippi passes bill restricting electric car dealerships
JACKSON, Miss. (AP) — The Mississippi Senate gave final approval Thursday to a bill to restrict electric car manufacturers from opening new brick-and-mortar dealerships in the state unless they comply with the same laws traditional carmakers follow.
apnews.com
Loss aversion. Which usually results in larger losses. They are hoping for that stupid buyer to walk into the showroom, but at some point it dawns on them that the car is worth less day by day because of the floor plan expenses. So they ship it to auction where it won't sell but racks up more expenses.
You've probably seen it in your family. You go to throw out a worthless piece of junk, "But you paid so much for it.................................................."
According to Tesla discounts new inventory vehicles in Europe by up to 7% (teslarati.com) , I am wondering if we will see another price drop as part of Q1 sales push
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