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Tax Credit Help

Discussion in 'Model S: Ordering, Production, Delivery' started by igor, Feb 14, 2013.

  1. igor

    igor Member

    Joined:
    Jan 30, 2013
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    Location:
    ft lauderdale
    Does anyone know if is here are exlcusions based on income for the tax credit?
    I looked as some previous threads and the refernced IRS forms seemed not to mention any exlusions based on income. For instance, is there a certain income that is to high to qualify for the tax credit?
    Thanks
     
  2. Donny

    Donny Member

    Joined:
    Jan 21, 2013
    Messages:
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    Location:
    DC
    There are no exclusions for income. As long as you owe more in taxes than the credit, you get the full credit regardless of your income.
     
  3. kcveins

    kcveins delivery 2/7

    Joined:
    Jul 24, 2012
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    Chicagoland
    There does appear to be an exclusion for the electrical refueling property credit (between $500-$1000) (form 8911)- it appears that if you fall under the AMT, you will not be able to get this; however, this does NOT apply to the Federal $7500 credit.
     
  4. Puyallup Bill

    Puyallup Bill Member

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    Puyallup WA
    It is a good question, as often the $7,500 tax credit is called a "rebate", which it certainly is not. Although, I guess if the tax credit causes an IRS refund, it could seem like a rebate.

    I have heard of folks selling profitable assets to increase their tax liability in order to take full advantage of the credit.
     
  5. FlasherZ

    FlasherZ Sig Model S + Sig Model X + Model 3 Resv

    Joined:
    Jun 21, 2012
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    7,019
    Technically, the $7,500 credit is a "non-refundable tax credit", meaning it will reduce the amount of tax liability you have for the year but the difference will not be paid to you if your tax liability is lower than $7,500.
     
  6. Man_Utd

    Man_Utd Member

    Joined:
    Mar 16, 2012
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    39
    Do you know if you can extend the tax credit over a certain time period (i.e. three years)? My friend was telling me some credits work that way.
     
  7. FlasherZ

    FlasherZ Sig Model S + Sig Model X + Model 3 Resv

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    Nope. One shot, the tax year you bought the vehicle.
     
  8. 100thMonkey

    100thMonkey Member

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    Jul 1, 2012
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    914
    Location:
    Seattle area
    We are owed a considerable amount of money this year and since last year's filing was such a nightmare (took 6 months to get our refund, no explanation) we will likely file without the EV tax credit and do an amended filing later after we get the bulk of OUR money back.
     
  9. kcveins

    kcveins delivery 2/7

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    314
    Location:
    Chicagoland
    If you received delivery on 2/9 (2 days after mine :biggrin:) then you will be filing for the credit for 2013, not 2012, so this will be for next Feb/March.
     
  10. dgmanny

    dgmanny Member

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    Dec 22, 2012
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    Location:
    Metrowest Boston
    I bought a chevy volt in the 4th quarter 2012 thinking that it would take a year to get the tesla. My tesla is now scheduled to be delivered at the end of march. Even though I really like the volt I am considering trading it in. Does anyone know if selling the volt within the year could cause an issue with the federal tax credit 7500 I filed for in 2012? I plan on filing for a credit for tesla in 2013. Thanks.
     

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