Im assuming form 8936? That's good to know if all i have to do is enter basic information. I got the 5-seat as soon as they reduced prices under $55k. Mine was $52,990 so I qualified for the full credit.
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Tax credit 2023 [The tax credit discussion thread]
- Thread starter CrazyRabbit
- Start date
I reviewed all my forms, but nothing in there has any info about the EV tax credit. However, the MVPA has the full breakdown of pricing, so hopefully that's all I'll need.
Yes, exactly. Sorry, I misread the date in your earlier post. Of course at that price point, your purchase qualifies. Enjoy it! We pick ours up tomorrow!
Early bird gets the worm. Oh yeah I love it! You too, enjoy delivery day tomorrow and thanks for all the info!
A quick question, I ordered MY long range + induction wheels = $54,4990... with destination + fee will be over 55K, not sure about the invoice but Tesla state eligible for 7,5K tax credit... any thoughts? Thanks!
As I understand, your configuration qualifies for the $7500 credit too. "This price includes optional equipment physically attached to the vehicle at the time of delivery and excludes software features, accessories, taxes and fees."
You realize (perhaps you dont), that this would be filed on your taxes you file next year this time, right? Tesla has all this year to report your sale on 01/15/23 to the IRS. They just need to do it before the end of this year.
Yes only 2023 purchased are eligible. If you purchase a 2022 model in the year of 2023 (1/1/23) then it is eligible. Any purchase before 1/1/23 is no go.
Yes, If both names are on the title and you are filing Married filing separately, either spouse can take the EV tax credit on their own tax return.
Please keep in mine source is from 2023 tax return, you will need to file 2024 tax and it would be similar.
Source: EV Tax credit 2023 - Married Filing Separately
thank you!
another Q - does anyone know whether the cost to install a NEMA 14-50 receptacle and the purchase of the mobile connector can qualify for the alternative fuel infra tax credit? Alternative Fuels Data Center: Alternative Fuel Infrastructure Tax Credit
We had a MY test drive yesterday and were planning to place an order today, however, the representative at the showroom told me that to qualify for $7500 federal credit,
1. Delivery must be before Mar 1st (not Mar 31st which was my assumption)
2. It must be first 20000 cars.
I looked online (including IRS website Credits for New Clean Vehicles Purchased in 2023 or After | Internal Revenue Service (irs.gov) and I can't find those two conditions anywhere.
It seems like the credit could be available for a lot longer as IRS+Treasury are still figuring out rules and ll publish around Mar with a 60 day comment period so final rules may not be applicable till Jun 2023 (A Closer Look At Forthcoming Tax Guidance On Electric Vehicle Credits (forbes.com))
Am I missing anything?
1. Delivery must be before Mar 1st (not Mar 31st which was my assumption)
2. It must be first 20000 cars.
I looked online (including IRS website Credits for New Clean Vehicles Purchased in 2023 or After | Internal Revenue Service (irs.gov) and I can't find those two conditions anywhere.
It seems like the credit could be available for a lot longer as IRS+Treasury are still figuring out rules and ll publish around Mar with a 60 day comment period so final rules may not be applicable till Jun 2023 (A Closer Look At Forthcoming Tax Guidance On Electric Vehicle Credits (forbes.com))
Am I missing anything?
Never heard of 20,000 limit. That is not true.
As for March, all I heard is March, not March 1st or March 31st. So it's left to interpretation.
Thanks. Yup, that's exactly what I see everywhere (no mention of a specific date or number of vehicles sold).
I am not confident that IRS can figure this out by March. I would guess another delay.
I agree, but also think there is some risk the IRS may completely stop the credit in March, then reinstate it once they sort everything out. Senator Manchin is already making a huge stink over the current credit.
Good Day,
Thanks in advance for reading my questions to answer them. I am based in New Jersey, filing Joint taxes with my spouse. Our AFI is more than 300K so will not be qualified for the 7500 tax credit. I plan to buy Model Y and here are my questions. Basically I will be the primary driver for the Car.
1. I have asked my colleague (whose AGI is less than 300k) if he could be the co owner along with me, and he is okay with it. So He and I will be the co-owners of the car. I am not sure, if in general he gets tax refund every year or not. Q: In this case, can he claim the $7500 tax credit ?
2. I plan to buy the car with cash(basically no loan). Q: Would we both still have to see each other's financials like salary ?
3. From what I have. understood, any one of us can add it to insurance, so I will be the one on the insurance.
4. For how long, do I need to keep him as a co-owner of the car ?
Thank you for your time.
Thanks in advance for reading my questions to answer them. I am based in New Jersey, filing Joint taxes with my spouse. Our AFI is more than 300K so will not be qualified for the 7500 tax credit. I plan to buy Model Y and here are my questions. Basically I will be the primary driver for the Car.
1. I have asked my colleague (whose AGI is less than 300k) if he could be the co owner along with me, and he is okay with it. So He and I will be the co-owners of the car. I am not sure, if in general he gets tax refund every year or not. Q: In this case, can he claim the $7500 tax credit ?
2. I plan to buy the car with cash(basically no loan). Q: Would we both still have to see each other's financials like salary ?
3. From what I have. understood, any one of us can add it to insurance, so I will be the one on the insurance.
4. For how long, do I need to keep him as a co-owner of the car ?
Thank you for your time.
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