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Tax credit 2023 [The tax credit discussion thread]
- Thread starter CrazyRabbit
- Start date
The rules change on 4/18, and Tesla sure seems to be implying the MYLR will still qualify for full credit.
RoBoRaT
PoPeYeD'SaiLoRDuDe
File your tax return with IRS Form 8936 to claim the credit.
About Form 8936, Clean Vehicle Credit | Internal Revenue Service
Information about Form 8936, Qualified Plug-In Electric Drive Motor Vehicle Credit, including recent updates, related forms and instructions on how to file. Form 8936 is used to figure credits for qualified plug-in electric drive motor vehicles placed in service during the tax year.
Any tax credits are already reflected in Line 24 for your Total Tax. Line 19 includes the child tax credit - which is subtracted from the calculations that ultimately provide your Total Tax on line 24. That's why I said just look at line 24 on your 1040 and if it's greater than $7500 then unless you have some really advanced tax scenarios - you'll be eligible for the full EV tax credit provided you qualify against the previously mentioned AGI limits from line 11.
Never indicated I was a CPA - but it doesn't take a genius to understand a 1040 form either. I've filed my own taxes via various software programs for 30+ years now - I know how to read a tax form LOL.
This is what I got from Tesla support -
Thank you for your message and congrats on your recent pick up! This document is currently not provided by Tesla, however, will be mailed out once the IRS releases more information. We will be in contact at that time.
Have a great day!
Kindly,
Laurel
Hey guys, I've researched but unable to find a clear cut answer to my question
I took delivery of a MY LR in February and the vehicle qualify for the 7,500 tax credit
I've looked into selling the current LR and buy a MY Performance since it now also quality for the tax credit
My spouse and I names are on the vehicle, would it be possible to sell the MY LR and buy the MY performance and be able to claim 2 ev credit? Or will I have to wait until next year
My taxes liabilities will cover the 15k
Thanks
I took delivery of a MY LR in February and the vehicle qualify for the 7,500 tax credit
I've looked into selling the current LR and buy a MY Performance since it now also quality for the tax credit
My spouse and I names are on the vehicle, would it be possible to sell the MY LR and buy the MY performance and be able to claim 2 ev credit? Or will I have to wait until next year
My taxes liabilities will cover the 15k
Thanks
According to this page on Tesla's website it should qualify for the full $7500. Not sure what you mean by deadlines. That was really the main deadline.
Electric Vehicle & Solar Incentives | Tesla Support
Electric Vehicle & Solar Incentives | Tesla Support
That's an interesting question. I'd recommend consulting a tax professional on a question like this. From what I have found online - looks like you could do this under the original regs prior to 2022 - but the regs have changed with the IRA this year. Let us now what you find out.
I hear ya, I do the same not b/c I like doing taxes, but b/c I can make better tax decisions. I still have a CPA review my HR prepped return for "advanced" review
The answer is no. Perhaps your neighbor is hoping they dont get audited, but the answer is no.
Does the 2022 Model Y Long Range (in service date 3/25/22) qualify for the Tax Credit filed in 2023? When we enter Tesla into the Turbo Tax software, it indicates it is not a qualified vehicle. In researching, there seems to be conflicting or confusing information - but legitimate sites indicate 2022 Model Y Long Range qualifies?
No, it does not. I am still wondering where people are getting this confusing information from. Tesla was over the cap for sold vehicles so no tesla was eligible in 2022, and anyone claiming it on their taxes is making a mistake (and should hope they are not getting audited).
Thank you @jjrandorin! Articles such as: Tesla's Model Y and other EVs will now qualify for $7,500 tax credit, IRS says indicate that the 2022-2023 Model Y Long Range is qualified. Since I just really wanted it to be applicable to me, I misinterpreted the information. Some people are reporting they are getting $7500 tax credit for Tesla purchased in 2022 when filing their incomde taxes this year. So, that's what also confused me. I get it now. Any Tesla purchased in 2022 is capped out. But with new 2023 laws, it will open it up again for some Tesla owners/buyers. Lucky them!
Right... and its possible to buy a 2022 model year tesla in 2023, new. That would qualify. I dont see anything in that article about a Tesla purchased in 2022 qualifying, either.
Does Tesla have you fill out anything for the rebate?
Per Topic B, Question 9 from https://www.irs.gov/pub/taxpros/fs-2023-08.pdf
Regarding the second bullet, if there are two registered owners, Tesla has to pick one for the seller report, and they have to provide that owner's taxpayer identification number (SSN for most people), which they'd have to obtain somehow. So is there something we'd fill out at delivery to tell Tesla which owner is going to apply for the credit, along with that owner's SSN?
Per Topic B, Question 9 from https://www.irs.gov/pub/taxpros/fs-2023-08.pdf
Regarding the second bullet, if there are two registered owners, Tesla has to pick one for the seller report, and they have to provide that owner's taxpayer identification number (SSN for most people), which they'd have to obtain somehow. So is there something we'd fill out at delivery to tell Tesla which owner is going to apply for the credit, along with that owner's SSN?
Big News today. https://www.cnn.com/2023/04/17/cars/ev-tax-credits-2023-which-cars-climate/index.html
Nissan lost their tax credit qualifications That will kill their sales.
Which cars qualify for EV tax credits?
Vehicles that qualify for the full $7,500 in tax credits include:
Nissan lost their tax credit qualifications That will kill their sales.
Which cars qualify for EV tax credits?
Vehicles that qualify for the full $7,500 in tax credits include:
- Cadillac Lyriq
- Chevrolet Blazer
- Chevrolet Bolt
- Chevrolet Bolt and EUV
- Chevrolet Equinox
- Chevrolet Silverado
- Chrysler Pacifica PHEV
- Ford F-150 Lightning
- Lincoln Aviator Grand Touring
- Tesla Model 3 Performance
- Tesla Model Y (All-Wheel Drive, Long Range All-Wheel Drive and 2022 Performance)
- Ford Escape Plug-in Hybrid
- Ford E-Transit
- Ford Mustang Mach-E
- Jeep Grand Cherokee PHEV 4xe
- Jeep Wrangler PHEV 4xe
- Lincoln Corsair Grand Touring
- Tesla Model 3 Standard Range Rear Wheel Drive
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