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Tax credit and divorce. :(

Discussion in 'Model 3: Ordering, Production, Delivery' started by Jdperich, Aug 9, 2018.

  1. Jdperich

    Jdperich Member

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    So my my wife cosigned on my tesla and things are not working out between us. No, it's not because I got a tesla. Can I refinance this fantastic vehicle under my name and still claim the credit or does that count as a resale because a name changes on the title? I'll sell the house, my old car, my liver, etc before selling my car. Night Fury stays with me! I live in Florida.
     

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  2. albtrssp

    albtrssp Member

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    Tax credit probably goes to whomever was on the title/registration. It doesn't matter what happens to the car after the initial purchase. You'll probably want to contact an accountant for this (and I'm sure you'll have a lot of other things to bring up with them).
     
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  3. P85_DA

    P85_DA Supporting Member

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    Refinance is not a sell transaction ..just do refi with your name only.. update paperwork at dmv than u can take tax credit ...
     
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  4. ewoodrick

    ewoodrick Active Member

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    I don't think that this is something that the forum can really answer. It should be something that is part of the divorce settlement. It will depend on how you file taxes for this year as well.
     
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  5. Pkmmte

    Pkmmte Le meow

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    I'm sorry to hear that. At least you'll always have your Tesla by your side. <3
     
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  6. P85_DA

    P85_DA Supporting Member

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    True cheaper to keep the wife than the car ;):eek:
     
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  7. C141medic

    C141medic Supporting Member

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    Sorry about your situation. Definitely agree with ewoodrick. You need to consult with an attorney. I would think though that the Tesla would be a marital asset as well as the proceeds from the tax credit. Perhaps you would have to buy out your spouses share of the Tesla in a distribution of assets?
     
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  8. rdlink

    rdlink Member

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    Keep getting your legal advice from a car blog forum and you're gonna have bigger issues than tax rebates. LOL
     
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  9. Jdperich

    Jdperich Member

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    Car comes with a better warranty also!
     
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  10. Jdperich

    Jdperich Member

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    True, we are both adults and want a clean split. None of her money has ever paid for anything on the car. I just didn't want a technicality to take away the credit. We will probably sell the house, pay off joint debts, and split what is left 50/50.
     
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  11. Jdperich

    Jdperich Member

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    I guess I don't have to call it my second wife anymore. Lol
     

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  12. MXWing

    MXWing Active Member

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    Check with your personal accountant. My layman answer is you are most likely filing taxes for this year as married filing jointly.
    I doubt IRS is too worried about these specifics unless there was a VIN duplication somewhere.

    Car Registered jointly
    File jointly
    Tax credit is applied to joint return

    Should be clean. Refi on your own credit should not be a problem. I doubt wife would contest removing liability from her persons.

    How you split the resultant refund or liability for your taxes will be between you and your wife.

    Check with your personal account.

    Sorry for the divorce. I wish the world was as simple as working hard and playing hard.
     
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  13. SSedan

    SSedan Member

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    Long term you will save a FORTUNE so don't stress and let your tax guy work it out.
     
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  14. buttershrimp

    buttershrimp Click my signature to Go Mad Max Mode

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    Well the way I see it, your soon to be ex-wife is clearly at fault for not valuing a man that has his priorities so fantastically sorted...

    I say we get you back on the market, there’s no shorting @Jdperich ‘s stock!
     
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  15. tekdemon

    tekdemon Member

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    Honestly divorces tend to take quite some time to go through so you're almost certainly going to be filing as a married couple this year anyways. This would all go much easier if you amicably settle things with your soon to be ex-spouse, it'd also make everything a lot cheaper.
    Obviously that is not always an option.
     
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  16. Lasairfion

    Lasairfion Member

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    Since no-one else has said it, 'Night Fury' is an awesome name for a Model 3. Is that Midnight Silver?
     
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  17. Jdperich

    Jdperich Member

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    Black. I always wanted a black car, but ended up with something else.

    Night Fury is the type of dragon Toothless was in "How to Train Your Dragon"
     
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  18. ItsNotAboutTheMoney

    ItsNotAboutTheMoney Well-Known Member

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    I don't know. Probably the wrong forum though. Maybe try BMW?
     
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  19. TMK26

    TMK26 Member

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    What's that old adage... "cars before hoes", or something like that.
     
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