I have a founders powerwall through the referral program. Confirmed with advisor that it can be transferred, but you will be getting the 1099 for it. Therefore, listing for $5500, 1099 value is $8600 so for most people still comes out cheaper. Ready to be installed
Will Tesla transfer the gateway and installation credit to the buyer as well?
Buying directly from Tesla for $6,500 and getting the federal incentive tax credit (30%) makes effective cost to buyer $4,550.
Buying from above awardee costs $4,300 in taxes alone, not even counting the $5,500 asking price.
I understand people want to make a profit from their referral awards
The reason I'm only counting the additional powerwall cost of $6,500 is because I'm already getting the referral powerwall installed and paying all other additional costs for installation out-of-pocket.Your analysis is flawed. You're using taxes on the full $8,600 award ($4,300), but only comparing that to the $6,500 direct PW cost from Tesla. You have to include the gateway ($1,100) and FULL installation cost (approx $2500) if you buy direct. The $5,500 asking price includes the entire package.
No, people don't want to "make a profit".. we just want to sell them at a reasonable cost that makes sense for a buyer. Without knowing the buyer's effective tax bracket and state income tax (it's only 6% here), it's very hard to make a deal that's fair to both buyers and sellers, or that doesn't carry significant risk for one or the other. Someone who lives in a no-income tax state and has a low effective tax rate can probably get a great deal on one of these (I have four to sell for friends -- 2 sets of 2PWs, so if you're interested, PM me)
Also, anyone can claim the 30% tax credit, even if buying privately.
Spoke to the advisor over the phoneHow have you confirmed the 1099 value will be $8,600?
This was my logic, thank you for enunciating it so well!Your analysis is flawed. You're using taxes on the full $8,600 award ($4,300), but only comparing that to the $6,500 direct PW cost from Tesla. You have to include the gateway ($1,100) and FULL installation cost (approx $2500) if you buy direct. The $5,500 asking price includes the entire package.
No, people don't want to "make a profit".. we just want to sell them at a reasonable cost that makes sense for a buyer. Without knowing the buyer's effective tax bracket and state income tax (it's only 6% here), it's very hard to make a deal that's fair to both buyers and sellers, or that doesn't carry significant risk for one or the other. Someone who lives in a no-income tax state and has a low effective tax rate can probably get a great deal on one of these (I have four to sell for friends -- 2 sets of 2PWs, so if you're interested, PM me)
Also, anyone can claim the 30% tax credit, even if buying privately.
The federal incentive tax credit is only available to those that are adding the powerwall to an existing solar system or installing at the same time as the solar system. If an awardee does not meet either of the 2 above conditions then they cannot deduct anything (from the $8,600 acquisition cost) on their federal tax return. So then it would cost them whatever their marginal federal and state tax rates on the W9 income of $8,600 is. Those lucky enough to live in state tax free states stand to benefit the most as they would only he liable for the federal taxes on the W9 income if $8,600, while those in high state income tax states end up paying the most for the PW, especially if they are also in the highest marginal tax brackets.Also, anyone can claim the 30% tax credit, even if buying privately.
I am wondering if you get 1 separate powerwall referral deals, does Tesla combine the two installation credits? That would give you $2000 installation credit for two singles as opposed to $1000 installation credit for the 2 powerwall package. If that is the case, buying a pair is actually less if a deal than buying singles.
You will probably get a $1000 credit if you install 2. They came with up with depends on the region why it isn't $1000 per powerwall. I had 2 installed and there was only $1000 credit plus a $300 install charge for side by side install. If an award can be sold off one at a time maybe you get $1000 per award.I am wondering if you get 1 separate powerwall referral deals, does Tesla combine the two installation credits? That would give you $2000 installation credit for two singles as opposed to $1000 installation credit for the 2 powerwall package. If that is the case, buying a pair is actually less if a deal than buying singles.
Have you confirmed this with a CPA?Also, anyone can claim the 30% tax credit, even if buying privat
I don't think this would hold up in the event there was an IRS audit on the 30% federal ITC claim. But that's just me, if anyone feels cavalier enough to take on the IRS, then sure go ahead.
Get 3 from Tesla certified installers. PM me and I'll share with you what they are quoting me.I'm interested in 2 Powerwalls if someone has a couple referrals they would like to sell off. I have a quote from Tesla for a two PW system, and looking do save a couple bucks. PM if interested.
Then would the seller be reporting this income from the sale of their powerwall?My CPA says it would, just have a paper trail.
Then would the seller be reporting this income from the sale of their powerwall?