Ordered Model 3 - will I get FTC if it is delivered after 12/31?

[gelabela]

Hi there! I ordered my Model 3 on Saturday. So excited! I received the approval today and waiting for the delivery specialist to contact me. Since it is starting to get close to the 12/31 deadline, will I still be eligible for the FTC if it is delivered AFTER 12/31 (even if the order processed before that date)?

Thanks!

 

[garrett5688]

No.

 

[ItsNotAboutTheMoney]

The wording of the law is a bit vague on what date counts for calculating the amount. Rules reference sale,rather than delivery. Safe option would be no.

But what is absolutely certain is that you wouldn't be able to claim it for the 2019 TX year, if delivered in 2020. The year of the date put into service (when you can first start using it) determines the tax year, so if not delivered until 2020, it'd have to be claimed for 2020, not 2019.

 

[PLUGZIN]

No; delivery must take place by end of 2019. The tax code along with Tesla website is very clear.

 

[kinito]

The IRS code is very clear that the car must be in service during the particular tax year ie you must have taken delivery and officially own the car.

 

[starboarder]

no

 

[SMAlset]

Being you are Bay area (assuming SFBay area), hopefully you stand a good chance of delivery before year end in as much as not far to transport car. Stay on top of getting all your info (insurance, drivers license, etc) uploaded to your account as soon as it becomes available to do so. You want to be as ready to take delivery as possible. And do be available for their delivery day/times. They won’t hold car more than 2 days when it’s ready (VIN will go to next person with that config and you’ll be rescheduled waiting for another match). They will be trying to make as many deliveries as humanly possible (and Elon would like to see all custom orders before a certain date, was it 8th??, made before year end).

 

[jonquiljo]

The IRS code is very clear that the car must be in service during the particular tax year ie you must have taken delivery and officially own the car.

And what documentation does the IRS need? I'm sure my accountant knows, but I have to make sure I got these documents. Thx.

 

[kinito]

And what documentation does the IRS need? I'm sure my accountant knows, but I have to make sure I got these documents. Thx.

There is a specific IRS form needed (can’t remember on top of my head) that must be filed with the 1040.

 

[jonquiljo]

There is a specific IRS form needed (can’t remember on top of my head) that must be filed with the 1040.

Oh, OK ... no supporting documentation needs to be submitted? Good. My MVPA will not print even though I picked up my car yesterday.

 

[gelabela]

Thank you all! I'm hoping mine gets delivered soon. I spoke with customer service. They said I did everything I need to do on my part, I just have to wait while they build the car. They are estimating delivery within 2 weeks but I haven't heard from my Delivery Specialist yet. Cutting it close!!

 

[kinito]

Oh, OK ... no supporting documentation needs to be submitted? Good. My MVPA will not print even though I picked up my car yesterday.

Tesla is required to disclose to the IRS the details of every single delivery so they will check what you claim on form 8936 against what Tesla has disclosed.

 

[AllThingsT3sla]

The IRS code is very clear that the car must be in service during the particular tax year ie you must have taken delivery and officially own the car.

this. Date of taking delivery.

On 12/31/2015 I purchased a Volt to get the expiring $1000 Chevy incentive but wanted the tax credit applied to 2016 tax year. So I purchased it, left it there, and picked it up the next day. Legally, I met the criteria. It all worked out.