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Tax credit even if I sell my MS?

Discussion in 'Model S' started by DA808EV, Nov 4, 2014.

  1. DA808EV

    DA808EV Member

    Joined:
    Apr 28, 2014
    Messages:
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    Location:
    SoCal
    Took delivery in April earlier this year and am thinking of getting rid of my MS. Question I have is would I still receive the $7500 tax credit for 2014 even if I decide to sell my MS before the end of the year? I tried doing a search with no luck.
     
  2. dhrivnak

    dhrivnak Active Member

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    2,150
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    NE Tennessee
    I do believe so. You have had the car over 6 months. It is the less than 3 months that causes most concerns. Also I think k you are limited to a rebate a year on the federal.
     
  3. eco5280

    eco5280 Member

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    I don't think it's limited to one per year, I don't read that in the IRS statute.
     
  4. ItsNotAboutTheMoney

    ItsNotAboutTheMoney Active Member

    Joined:
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    Maine
    Yes. You bought the car in good faith. You didn't buy the car for resale.

    Plug-In Electric Drive Vehicle Credit (IRC 30D)

    26 U.S. Code § 30D - New qualified plug-in electric drive motor vehicles | LII / Legal Information Institute

    There is no mention of time limits, only not purchasing for resale.

    There is no limit on number of rebates. In fact, the form has space for two cars and says ...

    http://www.irs.gov/pub/irs-pdf/f8936.pdf

     
  5. yobigd20

    yobigd20 Well-Known Member

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    AFAIK yes you can still claim the credit.
     
  6. RandyS

    RandyS Fan of Elon

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    It's a tax credit, not a rebate. No limit that I know of on quantity, but the only other thing I can think of is that you'd have to have at least $15,000 in Federal tax liability to get the full $7,500 on each car if you did two in one year...
     
  7. gaswalla

    gaswalla P4201/85/airsusp/pano/19i

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    You can sell it immediately.. no problem. Only the first owner can take the tax credit. No time issues. (In fact: some scheming folks have tried purchasing and registering other EV's and then reselling, knowing full well they will get the tax credit)
     
  8. Ssssly

    Ssssly Member

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    Feb 21, 2014
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    Location:
    Orlando
    You can get the Federal credit as others have noted.

    If you applied or will apply for the CA EV rebate, you will be rejected or have to repay as that program requires 36 months of consecutive ownership.

    Retain ownership of the vehicle in California for a minimum of 36 consecutive months immediately after the vehicle purchase or lease date (only rental and car share vehicles are eligible for a reduced ownership provision if retained in California for a minimum of twelve consecutive months but less than 36 consecutive months).

    http://www.arb.ca.gov/msprog/aqip/cvrp/fy1314_cvrp_implementation_manual_final.pdf
     
  9. gaswalla

    gaswalla P4201/85/airsusp/pano/19i

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    1,192
    Location:
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    Very true about CA rebate. They depend primarily on self-reporting. ;)
     

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