storm22

The credit is available to individuals and their businesses.

To qualify, you must:

Buy it for your own use, not for resale
Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:

$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.

The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.

2 years ago Up 47 | Reply

storm22

The credit is available to individuals and their businesses.

To qualify, you must:

Buy it for your own use, not for resale
Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:

$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.

The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.

2 years ago Up 47 | Reply

Anonymous

$7500 deduction not available for base rear wheel drive trim

2 years ago Up 1 | Reply

Anonymous

Wow, great deal. It's hard to resist not spending money on a new car!

2 years ago Up 3 | Reply

storm22

See here for all qualified makers and models:
https://fueleconomy.gov/feg/tax2023.shtml

2 years ago Up 2 | Reply

storm22

Model Y has no such a trim now. Only Model 3 has rear-wheel drive which qualifies $3750 credit. //@Anonymous: $7500 deduction not available for base rear wheel drive trim

2 years ago Up 1 | Reply

Anonymous

qualify, not quality.

Also, is it 40000 after credit, or before credit?

2 years ago Up 0 | Reply

Anonymous

After.

I got a Bolt EUV last month, 32K out the door, 7,500 tax credit, so it will be about 25K. Fun to drive, big enough for a family of 3, and chevy installed a free outlet for a level 2 charger in my garage. //@anonymous: qualify, not quality.

Also, is it 40000 after credit, or before credit?

2 years ago Up 1 | Reply

Anonymous

I've always purchased a model Y earlier this year under my name. Will I be allowed to claim a second $7500 credit if I register it under my wife's name, if we file jointly?

2 years ago Up 3 | Reply

Anonymous

Insurance kill the deal, just quote auto insurance with model y from 3 different company, all give 3 times my current auto insurance price.

2 years ago Up 8 | Reply

Anonymous

Convert some pre-tax 401k money to Roth IRA and owe the taxes this year, then the credit can offset that.

2 years ago Up 4 | Reply

Anonymous

but they just lowered the price on RWD by 2k this week to make up for it. they also lowered prices on several other 3 & Y trims. i'd still get the dual motor. you will loooove the acceleration. once you own one you wont go back! //@storm22: Model Y has no such a trim now. Only Model 3 has rear-wheel drive which qualifies $3750 credit. //@Anonymous: $7500 deduction not available for base rear wheel drive trim

2 years ago Up 2 | Reply

Anonymous

Is the Tesla wall connector EV charger come with the car or I need to buy it separately?

2 years ago Up 0 | Reply

Anonymous

To clarify, you can't get back any money if your credit is more than your total tax liability i.e. not just what you owe at the end of the year in addition to your withholdings but your total federal tax liability which should not be difficult to beat 7500.

2 years ago Up 2 | Reply

Anonymous

Buy it separately //@anonymous: Is the Tesla wall connector EV charger come with the car or I need to buy it separately?

2 years ago Up 3 | Reply

Anonymous

The tax deduction is not fair for lots of middle class customers. 300k is just too low.

2 years ago Up 4 | Reply

Anonymous

if you make >$300k, you are not middle class. //@Anonymous: The tax deduction is not fair for lots of middle class customers. 300k is just too low.

2 years ago Up 4 | Reply

Anonymous

300k is plenty. It is sigficantly above average house hold income. That credit is basically paid by tax payers. If you have above 300k annual income,you can afford tesla w/o credit //@anonymous: The tax deduction is not fair for lots of middle class customers. 300k is just too low.

2 years ago Up 3 | Reply

Anonymous

Wow, out of touch much? //@Anonymous: The tax deduction is not fair for lots of middle class customers. 300k is just too low.

2 years ago Up 2 | Reply

Anonymous

I don't qualify for the credit, so sad.
I wish the income threshold could be removed

2 years ago Up 4 | Reply

Anonymous

with the increasing price of electricity, Tesla is less attractive than before.

2 years ago Up 4 | Reply

Anonymous

It depends on where you live. Salary high in the bay area, but so is housing! //@Anonymous: if you make >$300k, you are not middle class. //@Anonymous: The tax deduction is not fair for lots of middle class customers. 300k is just too low.

2 years ago Up 1 | Reply

Anonymous

After credit //@Anonymous: qualify, not quality.

Also, is it 40000 after credit, or before credit?

2 years ago Up 0 | Reply

Anonymous

It will be $25,000 by the end of this year.

Tesla still has room for profit
//@storm22: The credit is available to individuals and their businesses.

To qualify, you must:

Buy it for your own use, not for resale
Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:

$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.

The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.

2 years ago Up 0 | Reply

Anonymous

have you seen the gas prices? //@Anonymous: with the increasing price of electricity, Tesla is less attractive than before.

2 years ago Up 2 | Reply

Anonymous

On Tesla's website, it says "6 years, potential gas saving: $5400". It doesn't seem to be a lot. Each month only $75 saving?

2 years ago Up 1 | Reply