Bought in Feb. With Manchin trying and failing to retroactively enforce the battery source rules, and clear guidance that through Feb was a loophole, it is foolish to wait even one day into March, and plain nuts to trust the ruling is not imminent. The ruling could conceivably be back dated to March 1, although not likely.
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Tax credit 2023 [The tax credit discussion thread]
- Thread starter CrazyRabbit
- Start date
Occhis
Member
That is the way most read it. But, employers had a credit taken away after the fact, to fund other important items such as speedways in NC. ( Q4 2021 employee retention credit.) Coupled with certain folks we put in positions of power already hating the loophole, a credit based on a March delivery is not something to count on.
Hi, not sure if this has been asked and apologies if it‘s a dupe but if we buy a Model Y and qualify for the credit, is there any rule on how long we need to own the car for?
Let’s say we take delivery of the car by the March deadline in 2023 and so in 2024 we file for the credit on our tax return. After that’s all done, could we change the name on the title whether it’s giving ownership to a family member or selling the vehicle? Is there any legality to this?
Let’s say we take delivery of the car by the March deadline in 2023 and so in 2024 we file for the credit on our tax return. After that’s all done, could we change the name on the title whether it’s giving ownership to a family member or selling the vehicle? Is there any legality to this?
At least for the ole 2022 rules there was no requirement that you keep the car for any period of time. The new 2023 rules say something like you can't claim the credit if you purchase with the intent to resell but nothing about keeping t for a while.
I bought a 2023 Nissan Leaf late November 2022 and 3 weeks later I sold it back to the dealership when my Tesla arrived early. I claimed the $7,500 tax credit on my 2022 return that I just filed last week. Tax accountant said there was no requirement to keep it for any length of time.
From what I understand, Tesla 3, Y is already qualified for $3750 credit. The other $3750 requires
40% Critical minerals extracted and processed from US or countries with trade agreement with US
50% battery components manufactured or assembled in North America
Anybody know if Tesla currently meets any of the two requirements above?
40% Critical minerals extracted and processed from US or countries with trade agreement with US
50% battery components manufactured or assembled in North America
Anybody know if Tesla currently meets any of the two requirements above?
Like James2023y said, it's when you take delivery that matters. There is a lot of speculation that the rules may get delayed again or that Tesla may still qualify once the rules are released, but that's all just speculation and we won't know until the IRS weighs in.
I thought IRS had given ZERO guidance for either of the buckets.... and made temporary FULL until they say something in March 2023...
Hey everyone,
So there is a lot of buzz about how certain Tesla models are eligible for the $7,500 tax credit as long as you take delivery before the end of March 2023. I decided to either lemon law or sell my Mach-E due to charging issues. I placed my order last week, so more than likely it will not come in before the end of March.
Does anyone know what the phase out of it is and/or how the credit works? Or is it gone after x number of units are sold?
Any help, articles, or IRS publications would greatly help!
Thanks!
So there is a lot of buzz about how certain Tesla models are eligible for the $7,500 tax credit as long as you take delivery before the end of March 2023. I decided to either lemon law or sell my Mach-E due to charging issues. I placed my order last week, so more than likely it will not come in before the end of March.
Does anyone know what the phase out of it is and/or how the credit works? Or is it gone after x number of units are sold?
Any help, articles, or IRS publications would greatly help!
Thanks!
Good news, but take it with a grain of salt. For the people that follow Tesla pretty avidly, Troy Teslike, a reputable Tesla follower, disclosed the following information.
Within the subtweets he mentions that he does not see any issues barring the Model Y from qualifying from the full $7500 tax credits receivable. Albeit we will still have to follow the IRS, which will likely release full information by the end of the month.
For those interested about what the qualification are:
1. The vehicle must be assembled within North America.
2. 50% of the value of battery components must be produced or manufactured in North America in fiscal year 2023, with the minimum percentage increasing annually.
3. 40% of the value of critical minerals used for the vehicle must be extracted, processed, and/or recycled domestically or in a country the U.S. has a free trade agreement with, with the minimum percentage increasing annually. EV manufacturing requires a range of minerals, including cobalt, copper, nickel, graphite, and lithium.
Within the subtweets he mentions that he does not see any issues barring the Model Y from qualifying from the full $7500 tax credits receivable. Albeit we will still have to follow the IRS, which will likely release full information by the end of the month.
For those interested about what the qualification are:
1. The vehicle must be assembled within North America.
2. 50% of the value of battery components must be produced or manufactured in North America in fiscal year 2023, with the minimum percentage increasing annually.
3. 40% of the value of critical minerals used for the vehicle must be extracted, processed, and/or recycled domestically or in a country the U.S. has a free trade agreement with, with the minimum percentage increasing annually. EV manufacturing requires a range of minerals, including cobalt, copper, nickel, graphite, and lithium.
Hey everyone!
We are registering the Tesla in both our names because one of us makes over the AGI limit and we can file taxes separately this year (won’t make much impact based on current lives).
On the Tesla app, does it matter who I make the primary and secondary registrant? Essentially, I ordered the car in my Tesla account so it kinda defaulted to me being the primary since my email address is tied to the account. However, I’m the one over the AGI limit. If the secondary registrant is the one that we want to get the tax credit, is there a way to specify?
What happened was that after the primary registrant was entered in the app (me), it asked for the SSN for the IRS rebate so I put the secondary person’s SSN. I just don’t know if it’ll submit the form to the IRS with my name (primary registrant) with secondary SSN.
Anyone have experience with this? Do we review actual paperwork with someone on delivery day?
Thanks in advance!
We are registering the Tesla in both our names because one of us makes over the AGI limit and we can file taxes separately this year (won’t make much impact based on current lives).
On the Tesla app, does it matter who I make the primary and secondary registrant? Essentially, I ordered the car in my Tesla account so it kinda defaulted to me being the primary since my email address is tied to the account. However, I’m the one over the AGI limit. If the secondary registrant is the one that we want to get the tax credit, is there a way to specify?
What happened was that after the primary registrant was entered in the app (me), it asked for the SSN for the IRS rebate so I put the secondary person’s SSN. I just don’t know if it’ll submit the form to the IRS with my name (primary registrant) with secondary SSN.
Anyone have experience with this? Do we review actual paperwork with someone on delivery day?
Thanks in advance!
Call your local tesla location, talk to sales, and they can swap in your wife as primary. I am also just putting my wife solely on the title (sales can help with us) and filing separately.
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