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Tax credit 2024 [The tax credit discussion thread]
- Thread starter vickh
- Start date
ChiefRollo
Member
Think so. Tesla will ask for the selection of the name and SSN for the tax incentive.
I know there is a way to do this but it could get tricky. You have to tell Tesla who the buyer is that is claiming the credit. There is the title but also the purchase agreement. I would talk to a tax advisor to make sure it works out for you but I think her name needs to be the primary name on the purchase agreement when Tesla claims the credit. Your name could also be there as secondary. And put both names on the title as well.
Very helpful. Can she be the primary name even though I am paying for it? She will still be the primary driver.
Yes, use her name and SSN number as primary on the purchase agreement. Tesla will file the credit using her SSN so as long as her AGI does not exceed the cap you’re good. As for the loan, if both names are on it you are both responsible and both of your credit profiles will show the loan and be affected if you are late or miss payments. So keep that in mind since it sounds like she is mainly doing this as a favor to you.
yes, the incentives tab showed up and I filled in the info. it now shows up as complete.
The final price also shows up and it gives me a final cost which includes the $7500 credit. Does that mean it's approved or just a temporary approval?
Took the plunge! Only question is if 7 seater prices keep dropping b/f I p/u
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
Subtotal $48,990
Destination Fee $1,390
Price Adjustment ($4,900)
Referral Bonus ($1,000) CT rez
Total $44,480- $7500 POS= $36,980+TTL! This is about what I paid OTD for my '19 M3 $35K SR (but got some back non-POS tax credit year later)
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
Subtotal $48,990
Destination Fee $1,390
Price Adjustment ($4,900)
Referral Bonus ($1,000) CT rez
Total $44,480- $7500 POS= $36,980+TTL! This is about what I paid OTD for my '19 M3 $35K SR (but got some back non-POS tax credit year later)
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Approved. Tesla's system links to the IRS portal in real time. Plus, the authorization come down to: is vehicle eligible and did buyer say they were eligible?
I assume in doing this method both names will be on title right? I wonder if everything went smoothly at pos, you could remove the qualifying name off the title at some point in the future?
Ah, ok. I just heard that some people still had to wait a couple hours when they went to pick up their cars. Not sure if there’s another step involved to finalize POS credit.
Thx
Ah, yeah the final clearance/ submittal wouldn't happen until time of purchase, but that's process flow, not a conditional.
ChiefRollo
Member
$7,500 Federal Tax Credit
Eligible customers who take delivery of a qualified new Tesla and meet all federal requirements are eligible to receive $7,500 off the purchase price. Applied at time of delivery. Only for eligible cash or loan purchases. Customers can purchase up to two vehicles per year with the tax credit applied directly to the purchase price.
- 2024 Model Y Rear-Wheel Drive: $80,000
- but 2024 inventory ones are still saying NO which makes me think they're clearing out "old" packs or an error
