Tax credit 2024 [The tax credit discussion thread]

[vickh]

Now that it's almost year-end, I thought I'd start a Tax credit 2024 [The tax credit discussion thread] Mods. Feel free to merge

Q: Will TSLA be ready to apply 1/1/24? Should be easy since they have the F placeholder and they claim it later from Feds

5. Total Credits
A. Deposit $ 0.00 (A)
B. Order Fee Payment $(B)
C. Transport Fee Payment (if applicable) $ 0.00 (C)
D. Financed Amount: $ 0.00 (D)
E. EV Incentive (if applicable) $ 0.00 (E)
F. Federal EV Incentive (if applicable) $ 0.00 (F)



My plan: current LR inventory pricing is ~$45K. Also, I am trying to get my CT +$1K for placing an order b/f 12/31+try to pick it up next week to get fed tax credit @ delivery. Thoughts?

 

[xrayos]

when is the POS credit going to show up? Jan 1?

 

[jjrandorin]

Now that it's almost year-end, I thought I'd start a Tax credit 2024 [The tax credit discussion thread] Mods. Feel free to merge

Q: Will TSLA be ready to apply 1/1/24? Should be easy since they have the F placeholder and they claim it later from Feds

5. Total Credits
A. Deposit $ 0.00 (A)
B. Order Fee Payment $(B)
C. Transport Fee Payment (if applicable) $ 0.00 (C)
D. Financed Amount: $ 0.00 (D)
E. EV Incentive (if applicable) $ 0.00 (E)
F. Federal EV Incentive (if applicable) $ 0.00 (F)



My plan: current LR inventory pricing is ~$45K. Also, I am trying to get my CT +$1K for placing an order b/f 12/31+try to pick it up next week to get fed tax credit @ delivery. Thoughts?

I didnt see a real need to have a separate thread, so I amended the thread title of the existing thread and merged your post back into it.

EDIT: I changed my mind on this, since after consideration, discussion will probably be different enough to warrant a new thread. Things like what vehicles actually qualify, whether the Point of sale discount is available and when, etc etc. So, I split it back out into its own thread.


As for "thoughts?" the only one I have is that I believe you really, really, really "enjoy the hunt" for trying to work angles on a new car purchase.

 

[mongo]

Q: Will TSLA be ready to apply 1/1/24? Should be easy since they have the F placeholder and they claim it later from Feds

Yes.
Real question is whether the IRS/ Treasury web portal will be...

 

[mongo]

when is the POS credit going to show up? Jan 1?

That is the plan.

Q8: Once a dealer is registered, when can they start to receiving advance payments? (added October 6, 2023)
A8. Buyers may transfer their credit to the dealer, thereby allowing dealers to initiate an advance payment request, beginning January 1, 2024.

https://www.irs.gov/pub/taxpros/fs-2023-29.pdf

 

[vickh]

Yes.
Real question is whether the IRS/ Treasury web portal will be...

Working in govt. I agree, but does the portal have to be real time? or an IOU to TSLA ok since it's really the car getting the credit in '24 or Are they checking SSN etc?

 

[mongo]

Working in govt. I agree, but does the portal have to be real time? or an IOU to TSLA ok since it's really the car getting the credit in '24 or Are they checking SSN etc?

The process requires the seller to get approval before the sale.

Q14: How does a dealer know the IRS will issue an advance payment to the dealer? How quickly will the IRS issue advance payments? (added October 6, 2023)
A14: The IRS will promptly issue advance payments via direct deposit (ACH). The IRS anticipates deposits will typically occur within 48 - 72 hours of a successfully submitted time of sale report and advance payment request. Dealers will receive real time online confirmation as to whether an advance request was accepted or rejected.

https://www.irs.gov/pub/irs-pdf/p5863.pdf

 

[vickh]

ouch about real time=won't be ready 1st week

Also don't understand last section b/c you still report it vs POS??

 

[mongo]

ouch about real time=won't be ready 1st week

Also don't understand last section b/c you still report it vs POS??

You need to report it when you file your taxes to close the loop on the deal. Otherwise, unscrupulous dealers could claim credits against non-purchasers. Plus, that's how the recapture would be handled if the income limit was also exceeded in the year of purchase.

 

[maksimfa]

Really looking forward to this. Put our order on hold to pick up this coming week to get the $7,500 point of sale.

 

[vickh]

Really looking forward to this. Put our order on hold to pick up this coming week to get the $7,500 point of sale.

is it inventory pricing or custom?

 

[vickh]

You need to report it when you file your taxes to close the loop on the deal. Otherwise, unscrupulous dealers could claim credits against non-purchasers. Plus, that's how the recapture would be handled if the income limit was also exceeded in the year of purchase.

Are limits changing or same as '23?

 

[mongo]

Are limits changing or same as '23?

Same income limits
You can use the lower of the year of purchase or the previous year's income.

 

[vickh]

Same income limits
You can use the lower of the year of purchase or the previous year's income.

Great qualify this year so good to go to take the chance for inventory pricing tomorrow and try

 

[vickh]

Update:

Model Y Long Range Dual Motor All-Wheel Drive $48,990
Midnight Silver Metallic Paint Included
19’’ Gemini Wheels Included
All Black Premium Interior Included
Five Seat Interior Included
Autopilot Included
Tow Hitch $1,000


Subtotal $49,990
Destination Fee $1,390
Order Fee $250
Price Adjustment ($3,500) Inventory price!
Referral Bonus ($1,500!! ) CT $1k+$500 Referral!
Total $46,630 !!

So ~price as Y RWD.

The only question that remains whether POS will be ready this week or how long they'll let me keep this order. Or should I p/u this order today and claim credit later.

I prefer the former and allows me not to deal with the rush either..

 

[ucmndd]

I prefer the former and allows me not to deal with the rush either..

Given the screaming deal and uncertainty associated with waiting, I'd be doing everything I can to take delivery today. Waiting a couple months to get the 7500 back when you file taxes is small potatoes in the scheme of things.

 

[mongo]

Given the screaming deal and uncertainty associated with waiting, I'd be doing everything I can to take delivery today. Waiting a couple months to get the 7500 back when you file taxes is small potatoes in the scheme of things.

@vickh ^^ This! Unless you really needed the $7,500 toward the down-payment or lacked tax liability.

 

[vickh]

Hit a snag on my trade in title. It's free and clear but I don't have the latest version

I do see inventory pricing is still good online so those who're buying EST will still be getting that. Only question is $1.5K CT+Ref. which I'm willing to give up for the POS+trade in

 

[maksimfa]

Have no fears... discounted pricing is still here and increase. 7 pax long range down to 46k.

 

[JackpotDuc]

Have no fears... discounted pricing is still here and increase. 7 pax long range down to 46k.
View attachment 1004757

Great to see this
Let the good times keep rolling!