How many $7500 rebates?

[MInnesooooooota]

I asked my local Tesla dealer and they just didn't know.

I was out of the country when the M3 launched so didn't get one. Returned at the beginning of the pandemic so didn't by any jacked up priced cars. Currently driving ICE junk.

So I need two new vehicles. My CT order came today. And I want to buy a MY Jan 1st when the rebate changes to cash at dealer (I do not have income to offset current tax rebate. I live off savings : )

Of course the Foundation Series doesn't qualify for the rebate. But if I could get two rebates, I may wait for the AWD to be available.

Anyone know? Maybe put one in wife's name?

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[CyberGus]

To qualify, you must:

• Be an individual who bought the vehicle for use and not for resale
• Not be the original owner
• Not be claimed as a dependent on another person’s tax return
• Not have claimed another used clean vehicle credit in the 3 years before the purchase date

https://www.irs.gov/credits-deductions/used-clean-vehicle-credit

 

[Rutrow]

I asked my local Tesla dealer and they just didn't know.

I was out of the country when the M3 launched so didn't get one. Returned at the beginning of the pandemic so didn't by any jacked up priced cars. Currently driving ICE junk.

So I need two new vehicles. My CT order came today. And I want to buy a MY Jan 1st when the rebate changes to cash at dealer (I do not have income to offset current tax rebate. I live off savings : )

Of course the Foundation Series doesn't qualify for the rebate. But if I could get two rebates, I may wait for the AWD to be available.

Anyone know? Maybe put one in wife's name?

The EV tax credit is only a "credit". It isn't a refundable credit, so if you have no tax liability you cannot claim the credit. Look at line 16 of last year's tax return*. if that line is zero you can't claim any EV credit. If it's between $0-$7500, you can take that much, andIf that line is ≥$7500** you can claim one credit. If that line is ≥$15,000 (and your income is below $150k-$300k single/married) you can claim two credits.

*if 2023 is similar to 2022
**other considerations? ??

 

[SolarWizard]

If you don’t have taxable income you will be back charged that $7500 bud. Go ahead and buy whichever cars you want whenever you want them.

it is not a rebate now and will not become a rebate in the future. It is a TAX CREDIT.


its a weird middle class spiff which makes the stated goal a farce imo.
wealthy people and poor people make the same emissions as the middle class so it should go toward a $500k electric Rolls Royce driven by one of my uber pretentious neighbors just the same as people in section 8 housing in need of 2 co signers just to qualify for a 12% loan on a chevy volt

 

[MInnesooooooota]

Starting Jan 1 2024, it is not a tax credit anymore. It is a rebate given at the dealership. Only stipulation is you cannot earn over 300K. So rich retirees like me qualify.

I just do not know if I can get it twice.

 

[Rutrow]

Starting Jan 1 2024, it is not a tax credit anymore. It is a rebate given at the dealership. Only stipulation is you cannot earn over 300K. So rich retirees like me qualify.

I just do not know if I can get it twice.

Wrong.

It's still a tax credit, it's just that the "dealership" can apply it to your down payment. Dealers will have access to an IRS website that will tell them if you're likely to qualify (income likely low enough, tax liability likely high enough). If you get the credit at Point of Sale, then your financial situation changes before the end of the year, you'll have to give the money back when you file your 2024 return in April 2025.

If line 16 is >$15,000 you can take two credits.

 

[SolarWizard]

Starting Jan 1 2024, it is not a tax credit anymore. It is a rebate given at the dealership. Only stipulation is you cannot earn over 300K. So rich retirees like me qualify.

I just do not know if I can get it twice.

this is incorrect. The only thing changing is it becomes available at point of sale vs waiting for your next applicable tax filing.

 

[beewang]

To qualify, you must:

• Be an individual who bought the vehicle for use and not for resale
• Not be the original owner
• Not be claimed as a dependent on another person’s tax return
• Not have claimed another used clean vehicle credit in the 3 years before the purchase date

https://www.irs.gov/credits-deductions/used-clean-vehicle-credit

You cited the wrong item. Most of the aforementioned pertains to USED EV Tax credit.

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