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Very important tax related question !!! Tax time !!!!!

Discussion in 'Model S' started by PorscheDealer, Mar 1, 2013.

  1. PorscheDealer

    PorscheDealer Member

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    Location:
    Encino, California, United States
    I just picked up my new P85 today and am of course elated with joy and happiness...

    Then a friend of mine who is an accountant attempted to ruin my day by telling me that if I am in the AMT (alternative minimum tax) segment of the tax paying population, then I am NOT entitled to take the $7500 Fed Tax Credit

    If this is true....I am soooooooooo pissed!!!

    Can anyone confirm or deny this?
     
  2. ken830

    ken830 Model S (Res#P12,447)

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    Location:
    San Carlos, CA
    You won't qualify for the 30% EV charging equipment credit if you are subject to the AMT, but you are still eligible for the $7,500 Tax Credit. Don't worry.
     
  3. RandyS

    RandyS Fan of Elon

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    Location:
    San Diego
    LEAF Owners went through this last year. I don't believe the $7,500 tax credit is affected by AMT ot TMT...The IRS held up payments last year and sent letters to LEAF owners that were not accurate.

    My Nissan Leaf Forum View topic - Electric drive vehicle credit 8936 decreased/rejected by IRS

    It's a long thread, but ultimately people got their money from the IRS.

    Here is a document put together by one of the LEAF owners who researched all the relevant issues...Very thorough....

    EV Tax Credit and AMT/TMT - Google Drive

    Bottom line, you should be okay...
     
  4. PorscheDealer

    PorscheDealer Member

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    Encino, California, United States
    You guys on this board are the BEST !

    Now I can go to sleep and dream Happy Tesla S dreams !!!

    Thank you so much for your super fast replies!

    I am making some nice (IMO) modifications to my new S in the next 2 weeks and hope to post some cool pics for y'all !

    ***Are any of you annoyed by the FOB's not fitting on a std keyring? ****
     
  5. Robert.Boston

    Robert.Boston Model S VIN P01536

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    Yes; there's a whole thread discussing work-arounds: Key Fob solutions
     
  6. Jeff Miller

    Jeff Miller Member

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    My understanding is that if you bought your Model S in 2013, the tax credit will apply to the taxes you owe in 2013. This means (I think) that you won't be able to claim the tax credit until April 2014 when you file your taxes for 2013. So you have plenty of time.
     
  7. jbherman

    jbherman Member

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    Do you have any idea what documents we need to substantiate the tax credit? When my car was delivered, the only document included was a folded "window sticker" in the glove box. I'd rather collect all necessary documents/forms now so that I'm not left scrambling this time next year.
     
  8. Suzieq

    Suzieq Member

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    Your tax liability has to be over $7500 in order to benefit. If you pay no taxes, you get no credit.
     
  9. Jeff Miller

    Jeff Miller Member

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    I'm an accountant, but I think all you need to do is fill out and submit IRS Form 8936 and submit it with your taxes.
    If you are audited down the road, you'll presumably have to show the IRS your purchase agreement and proof of payment.
    I'm not sure what else you would need.

    Here's some info in regards to the Volt which should apply to Tesla as well:

    Chevy Volt Federal Tax Credit Form 8936 (2013 Update) | MyChevroletVolt.com
     
  10. Jeff Miller

    Jeff Miller Member

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    Sorry, the above should have read "I'm NOT an accountant"!
     
  11. AndyM

    AndyM Member

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    Sherwood, OR, USA
    I'm not an accountant either, but I did discover that filing this form prevents you from being able to eFile your federal (and Oregon state) taxes for 2012.
     
  12. bellwilliam

    bellwilliam Member

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    Guess you won't be using your friend for your accounting :)
     
  13. RyanG

    RyanG Member

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    Call ownership experience and request all the docs. I did when filling out my CA rebate and noticed that I didn't have the countersigned version of any of the docs we went through during deliver (including any copy of my due bill). In about 1 minute I had an email with everything.
     
  14. rolosrevenge

    rolosrevenge Dr. EVS

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    Right behind you...
    Now if the car is for your business, a sole proprietorship, do you still get the tax credit, or does the business?
     
  15. RodF

    RodF Member

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    For now. I believe from next week the IRS will begin to accept additional efiled forms.
     
  16. Beavis

    Beavis Signature 991

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    Colorful Colorado
    The tax law changes from a couple of months ago mean the IRS is behind in getting the forms out and being able to process them for e-filing.
     

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