-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Tax Credit Bill
- Thread starter golfcart
- Start date
yeah they depreciate like crazy too, unlike TSLA. I might just have to get her a used X with a generator in the back
I have a question, I've been combing through the site for about 2 hours and I'm sorry if I missed it, but I just want a straight answer from someone who understands the tax code.
This information was given to my by two different Tesla reps. But I take that with a grain of salt and just want to clarify...
It was my understanding that this $7500 tax credit is not a refundable credit, meaning you have to owe $7500 in taxes to get the full amount. So if you have a tax refund of $1000, you get none of the credit. If you owe $1000, you only get to use $1000 of the credit. I also hear you can get the full amount at time of purchase, so if I purchased in 2023, got the $7500 instantly, would that screw me the next year when I file my 2023 taxes (and don't owe anything)?
This information was given to my by two different Tesla reps. But I take that with a grain of salt and just want to clarify...
It was my understanding that this $7500 tax credit is not a refundable credit, meaning you have to owe $7500 in taxes to get the full amount. So if you have a tax refund of $1000, you get none of the credit. If you owe $1000, you only get to use $1000 of the credit. I also hear you can get the full amount at time of purchase, so if I purchased in 2023, got the $7500 instantly, would that screw me the next year when I file my 2023 taxes (and don't owe anything)?
The old EV tax credit had nothing to do with refund. It was about how much taxes you owed. Nothing to do with prepayment which is what your tax withholding on a paycheck is. You don't really pay your taxes until you file which is when taxes due are calculated. If you prepaid and then taxes due were lower because of tax credit you would get a refund.
New tax law is different but doesn't start until 2024. It will be a flat incentive available at the point of sale with no bearing on taxes owed.
New tax law is different but doesn't start until 2024. It will be a flat incentive available at the point of sale with no bearing on taxes owed.
ElectricIAC
Good-Natured Rascal
Gauss Guzzler
Safety Score = 42
Interesting that just hours after a group of Democrats introduced a bill to more gradually phase in the American battery requirements of the tax credit, Elon tweeted this to his 115 million followers:
ElectricIAC
Good-Natured Rascal
Occhis
Member
Maybe I’m missing something. Seems like gradually phasing in would allow him to sell more tax-credit-eligible cars in the near term. Not sure how that’s bad for the company.
hope the lame duck congress can pass this. Republicans wont. Don't bite the hand elon
He'll bite the hand, the nose, the ears, etc....
