Level 6

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TESLA MODEL Y

9 replies
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Good Morning,

My client bought a new Model Y in 02/22/2023 and he is thinking that he can get the credit of $7500 in 2022 tax return. I think he can get the credit next year when he does the 2023 return. Could you kindly clarify???

ProSeries Professional

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SkylaneAnswer

Intuit Community Champion

If he bought the car in 2023. He gets the credit on the 2023 tax return. Check the credit requirements carefully…

If at first you don’t succeed…..find a workaround

Skylane

Answer

Intuit Community Champion

If he bought the car in 2023. He gets the credit on the 2023 tax return. Check the credit requirements carefully…

If at first you don’t succeed…..find a workaround

G

gk77_2Author

Level 6

Thank u. I already told him but just want to confirm.....

qbteachmt

Level 15

There are some different provisions by year, and for the signed sale contract.

Are you using the IRS resources available on the web?

2023: https://www.irs.gov/credits-deductions/manufacturers-and-models-for-new-qualified-clean-vehicles-purchased-in-2023-or-after

2022: https://www.irs.gov/credits-deductions/manufacturers-and-models-for-new-qualified-clean-vehicles-purchased-in-2022-and-before

You need to evaluate if this purchase qualifies and what it qualifies for and which tax year applies.

Don't yell at us; we're volunteers

BobKamman

Level 15

Speaking of Tesla, there's a hilarious op-ed in the New York Times today by a Car & Driver columnist, that totally mocks the Muskites.

https://www.nytimes.com/2023/03/04/opinion/ford-tesla-bluecruise-self-driving-remote-work.html

Might need a subscription to read it.

Skylane

Intuit Community Champion

Yes NYT has a paywall… test drove a Y with my wife today… very impressive ride and technology.

If at first you don’t succeed…..find a workaround

BobKamman

Level 15

My son gave me a ride recently to my birthday dinner, in his Model S. They also have a Model 3, and get letters from the power company telling them they are using far more electricity than their neighbors. His only complaint is that the tires wear out quickly, because of the vehicles' higher weight and torque.

There wasn't much choice in EV's until recently, so most Tesla owners bought them by default. When I was in London in December, though, half the Ubers I used were EV's, but none were Teslas. I think Hyundai and Mercedes have a larger market share there.

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