TESLA MODEL Y

[gk]

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???

[Skylane · Accepted solution]

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

[gk]

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

[qbteachmt]

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-pur...

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

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

[gk]

Yes, i did. Thank u so much....

[BobKamman]

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]

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

[Skylane]

Thanks for the link, qb. nJ is waiving sales tax. Salesman said Treasury is supposed to revisit the credits this month but said you have to take delivery by 3/31 and there isn’t enough supply right now.

[BobKamman]

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.  

[Skylane]

Thanks I’ll look at the others