help with ev tax rebate

[davidlee]

hello everyone. hope someone can help me here.
I have a myp on hold. just waiting to order when delivery will be after January for hopes of a ev tax credit.

my wife wants a x5 xdrive45e, it's a hybrid which currently qualifies for 7500 tax credit. no one has them in stock but I can make an order now and get it delivered sometime in January.

here's my questions.

X5 currently qualifies for 7500. I specd the car out to be 72k. 63k base msrp, rest of it are options. if I place order now but I don't take delivery till January, can I claim it on the 2021 taxes?

if I take delivery after January and the new ev tax rebate goes in effect, would my X5 build still qualify as the bill is written now? 69k suv limit and my build being 72k after options?

tyvm

 

[Yelobird]

Date of receiving car is the date they go by.

 

[ElectricIAC]

You do know the X5 is losing touch screen (new builds) right?

Also, you claim in the year you take delivery. Hit me up for more info if you still want the 45e though, I might still have an open allocation.

 

[Jasaka25]

You do know the X5 is losing touch screen (new builds) right?

Also, you claim in the year you take delivery. Hit me up for more info if you still want the 45e though, I might still have an open allocation.

Why are you commenting on the touch screen ?
OP didn’t say he was interested in x5 because of touch screen. And also- I had a 2018 x5 40e for three years and never used the touchscreen. The scroll knob touch pad is very easy and convenient to use. Never had an issue.

 

[ElectricIAC]

Why are you commenting on the touch screen ?
OP didn’t say he was interested in x5 because of touch screen. And also- I had a 2018 x5 40e for three years and never used the touchscreen. The scroll knob touch pad is very easy and convenient to use. Never had an issue.

Because it is a feature that’s being deleted on new builds and considered it helpful to notify the OP should that be a priority for them.

That being said, I never had much use for the touchscreen myself on ours with the scroll knob either and being OCD about keeping a clean screen liked having the option to not have to use it.

 

[Spidey616]

There’s a lot of talk on the tax rebate/incentive In this thread. Tesla EV Tax Credits coming back?

Beware nome of us are experts but lots of analysis on how things seem to work.

 

[davidlee]

hey guys. thanks for the replies. very much appreciated

@ElectricIAC I did not know about the touchscreen. ty for that info. also if you are with in approx 500 miles of NYC and can get me a X5 hybrid this year, I would def be interested.

 

[torifile]

Make sure you don’t price yourself out of the rebates. At least in the legislation being discussed now, there’s an upper limit depending on the type of vehicle. For SUVs, it’s $69k. Again, that’s in the legislation that’s been proposed. None of us have any idea what, if anything, will be passed.

 

[Falcon73]

I am seriously considering a hold until January while waiting to see what Congress does. Especially since my EDD moved up by over a month. Of course I'd love to have the car next week. I also understand the risk of pushing it to early January like many thousands across the country probably are, and being tied up in a January logjam, but I don't need the 3rd car payment so soon as well.

I am reaching out to my SA this morning on the process of a hold.

 

[davidlee]

Make sure you don’t price yourself out of the rebates. At least in the legislation being discussed now, there’s an upper limit depending on the type of vehicle. For SUVs, it’s $69k. Again, that’s in the legislation that’s been proposed. None of us have any idea what, if anything, will be passed.

I configured a new build to 68900 but delivery adds another 1000. who knows what the new law will say if it passes.

o well ..if I can't get it this year , I'll wait to see what the new ev law will say.

 

[torifile]

I configured a new build to 68900 but delivery adds another 1000. who knows what the new law will say if it passes.

o well ..if I can't get it this year , I'll wait to see what the new ev law will say.

I think the cap is exclusive of dealer fees so you should be ok. It’s also something I’m sure you could negotiate.

 

[voxel]

I configured a new build to 68900 but delivery adds another 1000. who knows what the new law will say if it passes.

o well ..if I can't get it this year , I'll wait to see what the new ev law will say.

There might not be a new law so the existing tax credits will still apply to the BMW. I'd put in a order ASAP regardless and figure it out when it arrives (accept or not).

 

[davidlee]

I placed a custom order on the x5 hybrid. if the new ev bill passes as its written at the moment and i take delivery after 1/1/22, would the rebate amount be 4k since its battery size is 24kwh?

also planning to stop the delivery hold on my myp since the delivery date is now showing jan. just hoping to time both vehicles for maximum rebate.

thanks everyone.

 

[Jasaka25]

I placed a custom order on the x5 hybrid. if the new ev bill passes as its written at the moment and i take delivery after 1/1/22, would the rebate amount be 4k since its battery size is 24kwh?

also planning to stop the delivery hold on my myp since the delivery date is now showing jan. just hoping to time both vehicles for maximum rebate.

thanks everyone.

Just an FYI - we had an EDD Mar-Apr and just yesterday it changed to Prepare for Delivery and EDD: TBD. So, if you pull the hold they may change it to sooner.

 

[davidlee]

Just an FYI - we had an EDD Mar-Apr and just yesterday it changed to Prepare for Delivery and EDD: TBD. So, if you pull the hold they may change it to sooner.

thanks for the warning

 

[thecavalry]

I placed a custom order on the x5 hybrid. if the new ev bill passes as its written at the moment and i take delivery after 1/1/22, would the rebate amount be 4k since its battery size is 24kwh?

also planning to stop the delivery hold on my myp since the delivery date is now showing jan. just hoping to time both vehicles for maximum rebate.

thanks everyone.

If the language of the current proposal moves forward and is signed into law for 2022, you will only be able to claim the tax credit on one vehicle per tax year. So, if both your vehicles deliver next year, you will be able to claim the credit for only one of the two vehicles

 

[davidlee]

If the language of the current proposal moves forward and is signed into law for 2022, you will only be able to claim the tax credit on one vehicle per tax year. So, if both your vehicles deliver next year, you will be able to claim the credit for only one of the two vehicles

x5 is under my wife's name and the y is under my name. we are file jointly. hope we can claim 2 rebates.. that would suck if its only one,

 

[thecavalry]

x5 is under my wife's name and the y is under my name. we are file jointly. hope we can claim 2 rebates.. that would suck if its only one,

As far as I know, the tax credits are also written to be nonrefundable. So, if your tax burden is less than your total eligible ev credit, after all other normal deductions, you won’t get any leftover credit from your ev’s. It will be forfeited.

 

[voxel]

As far as I know, the tax credits are also written to be nonrefundable. So, if your tax burden is less than your total eligible ev credit, after all other normal deductions, you won’t get any leftover credit from your ev’s. It will be forfeited.

I think they are refundable now.

But the 1 EV per year per taxpayer is interesting. Joint file might only allow one. Who knows. That would suck.

 

[thecavalry]

I think they are refundable now.

But the 1 EV per year per taxpayer is interesting. Joint file might only allow one. Who knows. That would suck.

You are correct. For 2021, and possibly further (if build back better act never passes), at least it is a non refundable credit for the x5. Depending on income you may or may not be able to claim every dollar of it.