Tax credit 2024 [The tax credit discussion thread]

[mongo]

I purchased my MY in summer of 2023, had my accountant file the paperwork and got the full credit back and paid it off.
Now i'm looking at the new price drops with lower aprs to wipe away the miles on ours and maybe upgrade to a myp

would we be eligible for the pos credit since we got the rebate (not pos since wasnt avail yet) on our 2023

Thanks!

You sure are.
Only limits on new car clean vehicle credits is two point of sale per taxpayer per year (married can get four combined per year). Can do multiple point of sale and some end of year, but that taps out on tax liability.

 

[BMWY]

Apologies for my ignorance on the subject, but any downside to taking the tax credit up front as opposed to claiming as a tax credit?

 

[mongo]

Currently have a 2021 SR Y and with the new interest rates/tax credit I can essentially trade it in as a wash for a brand new LR. Any reason not to do this at this point? Our SR has been flawless, but I'm sure there have been vast improvements since 2021.

By wash you mean starting a new loan at the same payment? It gets you a new better car with fresh warranty so the main (only?) downside is continuing payments in a few years instead of having a paid off car.

 

[FoscamQ]

Hi there fellow Tesla owners.

Scenario:

1. Bought a new 2023 MYP last year (2023), when we filed our 2023 taxes, we were able to claim the $7,500 tax rebate which is good.
2. Fast forward today, May 2024, I'm planning to buy a 2024 MYP. Based on this IRS link: IRS LINK, it says "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 2 years, you can claim the credit."

Questions:

• Based on the IRS link, in case my 2024 AGI goes over the $300K, can I use my 2023 AGI again?
• My other question is, my younger sister will be driving this, loan will be under my name, can she get an insurance with only her in the policy using the 2024 MYLR that I will be purchasing?
  • In case you are familiar with this, she's single, how much (ballpark) will she be paying for insurance per month? I know there are lots of factors but I just want to gather info based on your experience.
  • What insurance would you suggest?

Thank you all!

 

[ucmndd]

Based on the IRS link, in case my 2024 AGI goes over the $300K, can I use my 2023 AGI again?

Yes

My other question is, my younger sister will be driving this, loan will be under my name, can she get an insurance with only her in the policy using the 2024 MYLR that I will be purchasing?

As the owner/registrant of the vehicle and person liable for the loan you will almost certainly need to be a named insured for the vehicle.

 

[LS14dot5]

Inquiring if anyone has successfully kept the sc01 free supercharging while purchasing through a service to get the $4000 tax credit.

 

[ucmndd]

Inquiring if anyone has successfully kept the sc01 free supercharging while purchasing through a service to get the $4000 tax credit.

There are a billion threads on this, but yes, many have. The only way SC01 goes away is if Tesla takes back ownership of the car at some point.

 

[Sunshine Speed]

Question on used Tesla sales from official Tesla website under $25,000 :
If I buy a 2019 Tesla Model 3 for $22,000 *from Tesla official website directly* and there is no extra delivery fee, and I meet the income limits, then will the $4,000 federal used EV tax credit be directly applied by Tesla at point of sale?
I know that it is *possible* for Tesla and other dealers to do that, but has anyone actually taken delivery of a used Tesla from Tesla official cwebsite and the $4,000 used EV tax credit was applied at point of sale? Any info is appreciated, Thanks.