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Less than 200k club

Discussion in 'Model 3' started by xpitxbullx, Jun 23, 2018.

  1. xpitxbullx

    xpitxbullx Member

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    I took delivery of my M3 last month. I’m pretty sure I get the $7500 tax credit but I didn’t see any papers that state I get the credit. Don’t I need something that shows I’m within the 200k mark and qualify for the credit when I do my taxes?
     
  2. ggumz

    ggumz Member

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    Nope, your CPA will just need to report your make, model, purchase date, and VIN number when claiming the credit on your Federal Tax return.
     
  3. Qbenjamin

    Qbenjamin Frugal But Classy!

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    • Informative x 1
  4. xpitxbullx

    xpitxbullx Member

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    So we are only guessing if we get the credit and it’s will just be tentative when we file our taxes?
     
  5. ggumz

    ggumz Member

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    No, your CPA would need to do his/her due diligence on where the production levels were when your vehicle was placed in service. That information is published and widely available. Additionally, it's already widely known that Tesla has yet to hit the 200,000th vehicle and are likely waiting until early July. As you've already taken delivery, you're guaranteed the full $7500 Federal Tax credit.

    Keep in mind the credit is non-refundable. As a CPA myself, I'd recommend you speak with yours in order to project your taxes for the year so you can take full advantage of the credit.
     
  6. JeffK

    JeffK Well-Known Member

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    Just to be clear this is a 200k plus the rest of that quarter and another one more for the full tax credit. There's an entire thread about it.

    Likely full tax credit until the end of 2018.
     
  7. timk225

    timk225 Active Member

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    If Tesla is holding their 200,000th USA delivery until July 1, then every vehicle delivered in 2018 will get the full $7500. I got mine May 8th.
     
  8. Big Dog

    Big Dog Member

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    • Helpful x 1
  9. ggumz

    ggumz Member

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    The form is simple to fill out, sure. But this is a non-refundable tax credit we're talking about. Planning for that isn't so simple to the average person, and should be done with care so as to take full advantage of the credit. I envision there will be plenty of people out there who don't take this into consideration and are only able to utilize part of the credit due to poor tax planning.

    What you deem to be a waste of money in consulting a tax professional could end up costing someone hundreds or thousands of dollars if the credit isn't fully utilized. Spending $100-150 bucks for tax planning is worth it if you don't know what you're doing.
     
  10. montreid

    montreid Member

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    Turbotax is your friend
     
    • Like x 2
  11. Big Dog

    Big Dog Member

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    while that may be true, I didn't read that the OP was inquiring whether s/he should obtain financial planning advice, but perhaps I misread the post. If so, I apologize.
     
  12. ggumz

    ggumz Member

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    Hey man, I was just offering some friendly food for thought.

    Your smarmy reply really ain't necessary.
     
    • Disagree x 1

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