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Return of $7500 Federal Tax Credit?

Discussion in 'Off Topic' started by elguapo, Feb 5, 2021.

  1. Uncle Paul

    Uncle Paul Well-Known Member

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    Not borrowing their own money. The debt is sold via multi year bonds to investors and foreign governments. We need to pay it back, with interest. Usually when buying them back at maturity most often US just issues additional bonds to pay the principle and interest.

    You are correct, that the American people are on the hook for these bonds, currently well over $100,000 for each citizen. Undocumented aliens are not liable, only citizens.
     
  2. Lloyd

    Lloyd Well-Known Member

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    Yes but now the US government is buying most of their own bonds. So, Yes, they are borrowing their own money.

    The Fed Now Holds a Record Percentage of US Debt | SchiffGold

    Fed Closes Out Wild Year as All Eyes Focus on Bond-Buying Program
     
  3. BlackM3

    BlackM3 Member

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    When is the soonest possible day that the $7,000 tax credit will go into effect for people taking delivery? A month from now? 3 months from now? Model Y SR at $36K and Model Y LR at $44K looking pretty good now.
     
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  4. mrbulk

    mrbulk Member

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    • Informative x 1
  5. Uncle Paul

    Uncle Paul Well-Known Member

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    Would not be unexpected to see this retroactive to the first of the year. Will not know for sure all the details until it is actually passed. They amount and dates could be changed along the way.
     
  6. bryan995

    bryan995 Member

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    Agreed. I think this will be passed soon and be made retroactive to the first of the year. Meaning buying nowish yields the higher risk/return. Low price + credit. Tesla will for sure find a way to raise prices.
     
  7. BlackM3

    BlackM3 Member

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    If a Tesla Model Y order is placed on February1st with $100 deposit, then the GREEN Act is signed into law on March 1st and the credit starts for purchases on March 1st, and the car is delivered on April 1st, will the credit apply to that purchase? What will the purchase date be listed on the Tesla final paperwork?
    Yes I know that the $7000 credit *should* apply because the car was paid and picked up on April 1st. BUT what if Tesla puts the original order date of February 1st on the paperwork as the purchase date? Then the IRS can deny the credit during audit.
    If anyone has purchased in the past year, can you check your paperwork and see what the purchase date is listed as? Order date or delivery date. Thanks!
     
  8. MarcG

    MarcG Active Member

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    Pretty sure delivery date is what counts.
    Example: order a model that hasn’t come out yet (like my Model 3 in March 2016), take delivery 3 years later.

    If the order date applied, I would’ve had the full tax credit, but the delivery did and I “only” got half of it due to the 200,000 limit being hit in mid-2018.
    Not complaining of course, $3750 was better than nothing!
     
  9. BlackM3

    BlackM3 Member

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    OK but in your Model 3 example, that was a reservation. Nowadays, it's an actual order with $100 order fee, for a car that is currently in production. Quite different.
     
  10. Robotpedlr

    Robotpedlr Supporting Member

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    Seems like it would be delivery date that counts.. Same with the warranty, licensing, taxes and everything else that triggers off the date of delivery not order.
     
  11. MarcG

    MarcG Active Member

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    What about the Plaid (now Plaid+) for which I handed Tesla $1000 in Sept 2020, and which will not be delivered until over a year later? I did get an order agreement confirming my order details.

    Just saying, you can order now and not take delivery until months later. Even for models “currently in production”. All that really matters for tax purposes is delivery date. Ever remember when there was a mad rush to take delivery before the end of a quarter or a year?
     
  12. TSLA Pilot

    TSLA Pilot Active Member

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    Folks, a LOT of speculation here, but NOTHING is set in stone until congress passes a bill and it's signed by the President.

    Until then, it's all guesses . . . best to keep track of the news, and WRITE YOUR CONGRESSPERSON AND SENATORS to press for approval of a bill you'd like to see (such as anything that stops penalizing a fast mover company like Tesla).

    I'll hold off on any deep thoughts until we see where this ends up. It may all be moot point if there the government sets low income (and MSRP?) caps on the bill as well.
     
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