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Would I still get the federal 7,500 Tax Credit???

Discussion in 'Model S: Ordering, Production, Delivery' started by jstepy, Oct 10, 2014.

  1. jstepy

    jstepy Member

    Joined:
    Jun 6, 2014
    Messages:
    133
    Location:
    Orange County CA
    Hypothetically speaking if I trade in/sell privately my three week old P85 in pursuit of ordering a P85D am I still eligible for the Federal tax credit on the first purchase? If I took delivery of the P85D in December are you allowed to claim two tax credits totaling the 15K?

    I know for the CA 2500 rebate I'd be responsible for paying it back.

    I am vaguely entertaining the idea but I know it's gonna cost me a good chunk of change.

    Thanks
     
  2. internauts

    internauts Member

    Joined:
    Aug 24, 2014
    Messages:
    47
    Location:
    Seattle
    I could not find the answer whether you may claim the credit twice in the same year. See the IRS site: http://www.irs.gov/Businesses/Plug-In-Electric-Vehicle-Credit-(IRC-30-and-IRC-30D). That does not prohibit two. Call whoever prepared your tax return last year. They get more bulletins and notices that are not easily found. Note that you must take title and use the car for your personal use; the credit is not allowed if you acquire for resale.
     
  3. yobigd20

    yobigd20 Well-Known Member

    Joined:
    Oct 28, 2012
    Messages:
    5,793
    Location:
    Skaneateles, NY
    yes you are still eligible and you can claim both credits for $15k back. the "credit is not allowed if you acquire for resale" is meant entirely to stop dealers from taking advantage of the system by purchasing, registering to claim the credit, and then immediately reselling at full price.
     
  4. birdsaresmarter

    Joined:
    Feb 21, 2013
    Messages:
    131
    Location:
    earth
    CA may also work with you since you are replacing with another qualified vehicle. We had asked them a couple years ago when we got PIP and were thinking about getting the Tesla. They indicated it was possible. We never put it to the test as we kept PIP for 2nd car but you should ask them.
     

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