Tax credit 2023 [The tax credit discussion thread]

[markb1]

With two registrants, one of us opted in, and the other opted out, so hopefully the seller report will be for the right person. There was no warning, but maybe that’s changed recently.

 

[markb1]

No warning that I recall, anyway. (Can I no longer edit my posts? Weird!)

 

[dohmahmigh]

does anyone know if there's a number or email that I can reach out to about that? I really can't remember if i provided my SS# or not. thanks

 

[sanfax]

I checked with my accountant before ordering the Model Y. We're going to file for it at the end of the year, but he's not confident I'll get the credit. I make too much individually (over $150k) to qualify for the tax credit, but I'm getting married later this year and will file taxes jointly for the first time. Since our combined income will be low enough for couples filing jointly (less than $300k), I may or may not get the credit. Accountant was unable to find any instances of someone being in the same situation so he recommended I wait until we're married to buy the car. Good advice, but uhhh... I couldn't wait lol

fire the accountant, asap. ChatGPT will give u better answers than him/her.

 

[thefisch]

does anyone know if there's a number or email that I can reach out to about that? I really can't remember if i provided my SS# or not. thanks

Interested in this question as well. I stopped by the SC where it took delivery and talked to a rep. They didn't know when Tesla started collecting SSN during the order process or how they were handling orders prior to that date. They said they'd look into for me. We'll see if they even get back to me.

 

[AJ..]

Hello fellow TMC experts - I can use your highly valuable advise

For 7500$ Federal Tax credit, tax liability should be higher than that amount.

Does selling primary residence, with over 10 years of stay contribute towards AGI to being down my tax liability?? In that case, I cannot avail 7500$ Tax Credit. So want to understand this better.
(House sell may be a gain of 100-150k at max with this house sell, but well below 250k capital gains tax cut off on house sell)

So question is around still being able to avail this 7500 tax credit. Without house sell, I will be fine in availing this credit with tax liability well over 20k. Thanks!

 

[markb1]

Hello fellow TMC experts - I can use your highly valuable advise

For 7500$ Federal Tax credit, tax liability should be higher than that amount.

Does selling primary residence, with over 10 years of stay contribute towards AGI to being down my tax liability?? In that case, I cannot avail 7500$ Tax Credit. So want to understand this better.
(House sell may be a gain of 100-150k at max with this house sell, but well below 250k capital gains tax cut off on house sell)

So question is around still being able to avail this 7500 tax credit. Without house sell, I will be fine in availing this credit with tax liability well over 20k. Thanks!

You should talk to a tax professional, and I’m not one. But I suspect excluded capital gains would not count toward your AGI.

 

[N3RVOUS]

Current M3 LR RWD owner, looking to buy my wife a Model Y. She qualifies for the tax credit if we file separately, but not if we're filing jointly. I'd like to purchase the car and give it to her on her birthday.

I'm trying to figure out if I can buy the car, with financing, and register it in my name (so that it's a surprise to her), but still have her eligible for the tax credit, since it will be her car and daily driver.

 

[markb1]

Current M3 LR RWD owner, looking to buy my wife a Model Y. She qualifies for the tax credit if we file separately, but not if we're filing jointly. I'd like to purchase the car and give it to her on her birthday.

I'm trying to figure out if I can buy the car, with financing, and register it in my name (so that it's a surprise to her), but still have her eligible for the tax credit, since it will be her car and daily driver.

No, she has to be on the seller report that Tesla submits to the IRS, and Tesla gets that info when you tell them how to register the car. And to do that, she’ll need to participate in the pre-delivery registrant task. Even if there were some way around that, I believe it’s a legal requirement that she be on to the registration/title.

 

[thefisch]

I ordered in early February 2023 and took delivery in late March and don't recall Tesla asking for my SSN during the order process or at delivery. I assumed Tesla would be collecting this information at a later date.

While at the local SC the other week, I asked an SA about this, and they shared that Tesla now asks for the SSN as part of the ordering process. Not sure when they started collecting the SSN at the ordering stage but the SA didn't know what they were doing for those who ordered prior to that.

For those who ordered in 2023 before Tesla asked for your SSN, were you asked to provide the SSN at a later date?

 

[Scubamikey]

asked me when i was doing the sell's contract

 

[Dantley]

Mid-January order, they didn't ask for my SSN.

 

[flixden]

Is there an end in sight for the $7,500 to be available for the Y? Or is it safe to assume that it will be there until the end of the year?

 

[leoita]

They did ask when filling out the loan application, but that's where it ends.

 

[thefisch]

asked me when i was doing the sell's contract

During the order process? When was that for you?

 

[thefisch]

They did ask when filling out the loan application, but that's where it ends.

I'd think they've always asked for SSN for financing for credit purposes.

 

[ucmndd]

Tesla doesn’t need or want your SSN for the tax credit. YOU claim the credit when you file your taxes. Tesla has nothing at all to do with it.

 

[fholbert]

I ordered in early February 2023 and took delivery in late March and don't recall Tesla asking for my SSN during the order process or at delivery. I assumed Tesla would be collecting this information at a later date.

While at the local SC the other week, I asked an SA about this, and they shared that Tesla now asks for the SSN as part of the ordering process. Not sure when they started collecting the SSN at the ordering stage but the SA didn't know what they were doing for those who ordered prior to that.

For those who ordered in 2023 before Tesla asked for your SSN, were you asked to provide the SSN at a later date?

Yes it asked me before I picked up the car in May. Stated it was needed for the tax credit.

 

[kpanda17]

Jan2023/M3RWD, never asked for SSN

 

[Scubamikey]

During the order process? When was that for you?

May 2023
think they do it for financing and i think if you buy anything over 10K they report to the IRS