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.