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Will I still get my $7500 Tax Credit if I sell my car within the tax year I bought it

Hello All -

As my thread title suggests, I unfortunately have to consider selling my 2015 Tesla Model S 70D. I bought my new 70D back in May. I am thinking of selling it, so my question is: Will selling it now prohibit me from receiving the $7500 federal tax credit when I file my taxes next month? I know all the other requirements for receiving the credit, which I meet. I can't find anything that says I would lose it, but wanted to check the collective knowledge of the people on this site to see if I am missing something.

By the way, great car. Just needs to go for various reasons! It's fully paid for with title in hand for the record.

Thanks!
 

cpa

Active Member
May 17, 2014
3,594
5,255
Central Valley
I would consult my personal income tax adviser concerning this issue. Section 30D provides for recapture of the credit to be determined by regulations as developed by the Secretary. I am not trolling for business, but an expert tax adviser carries much more credibility than an internet forum! :smile:
 
This is an old post but for California we recently sold our Audi etron when we purchased our Model 3. We had to refund an amount equal to (30-N)/30 times the credit ($1500 for a plug-in) where N is the number of months that we owned the car. The check was sent to the Center for Sustainable Energy a state agency. I'm not sure what will happen with the federal tax credit.
 

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