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OP post:
"Ready to be picked up from Tesla"
Tax code:
"The original use of the vehicle began with you."
And if OP is the person who picks up the car, how does that go against the part you quoted?
Either OP (tix) needs to drive the car off the lot in which case he can claim the tax credit, but then he sells a used car.
-or-
He doesn’t claim the tax credit and sells the car as new.
But, he can’t claim the tax credit AND sell the car as new.
Did OP edit something? I don't see where he's claiming the car is new. And even if he did, are you saying he can't say the car is "like new"? I'm fairly certain at worst that would be considered puffery rather than misrepresentation. But it doesn't matter anyway. This wouldn't be tax fraud, not even close to it.
No, but I can read IRS tax documents. Read my original post where I mentioned this again. As I said, the tax code explicitly states that it is not available if a person is buying it to resell it, so filing for the credit when you explicitly are doing what the code says makes you unable to file for it is clearly problematic - thus brings about the risk of tax fraud. I posted the link to the tax code so you can read it if you do not believe me.How is it irresponsible? Are you a tax expert or have you consulted with one?
As I said above, the first 4 cars I looked at on eBay were sold above sticker, again with the caveat that I assume the seller is including all options in the description. I didn't bother looking further because at this point 4 data points is enough (along with sale prices on other sites) to indicate that sellers are still getting over sticker. Also, it's really easy to see on eBay that reservations are going over $1k.
And if OP is the person who picks up the car, how does that go against the part you quoted?
From what I've seen from other people doing these transactions - if it hasn't been registered yet, and the person who buys it from the OP is listed as a co-owner on the initial registration (co- since Tesla apparently requires the reservation holder to be on the registration), then the person who buys it from the OP could file for the tax credit. If it is registered by the OP first, then the second buyer can't. And technically the OP shouldn't, since it was bought for resale. Of course, if audited, a person could try claiming that they didn't buy it with the intent to resale but had a change of heart - but posting the car for sale before they have picked it up kind of undermines that.“Ready to be picked up from Tesla” implies that he’s selling this as a car that he hasn’t driven before.
“Ready to be picked up from Tesla” implies that he’s selling this as a car that he hasn’t driven before.
Implies TO YOU.
I'm done here. This discussion is nonsense and is perpetuated by people who are, I don't know, jealous? that others are able to take advantage of a fairly unique situation.
Here's the best advice I can give: Talk to your tax accountant. The reality is, every single one of them will say that you will have to pay back the $7500 credit if you get audited and they find out you sold the car shortly after taking ownership. 100% of the time. So basically you are gambling that you won't get audited.
Good news - You get sent to jail for not reporting income...you get penalized for taking too many deductions.
Neither are gambles I'm willing to take.
If the same VIN is deducted by two different returns, then both people are getting audited.Go to a Tesla showroom, write down one of their vins and deduct it, and hope you don't get audited.
Here's the best advice I can give: Talk to your tax accountant. The reality is, every single one of them will say that you will have to pay back the $7500 credit if you get audited and they find out you sold the car shortly after taking ownership. 100% of the time. So basically you are gambling that you won't get audited.
Good news - You get sent to jail for not reporting income...you get penalized for taking too many deductions.
Neither are gambles I'm willing to take.
Nick
This is just wrong on so many levels. Also, you need to stop watching movies if you think reporting this tax credit will land you in jail in the event you are audited and the IRS determines that it isn't a legitimate credit.
There is no statute of limitation for tax fraud IIRC.