Used Tesla Model & GM EVs Now Eligible For $4,000 Tax Credit

Used Tesla Model & GM EVs Now Eligible For $4,000 Tax Credit
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#tesla #gm #evs #taxcredits #evnews
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[@kathyandart8775]

Bought a 2015 Chevy Spark EV for ~$9,000. Love it. Range is not good (19 kWh battery) and needed new tires, but that's about it. We charge it with the Level 1 charger over night and it works great for around town. We will get the rebate at tax time which is 30% (max $4,000) or $2,700 which brings the initial cost of the vehicle to ~$6,300.

[@citris1]

A tax credit means little if you don't pay much in taxes.

[@davestr7031]

It only brings down the price of a used Ev one to one proportional to the federal taxes you owe in the the year you buy it. If you only owe $2000 in taxes that’s the max discount you get.

[@KLondike5]

Right. He's only using the income range because of where $4K in tax hits people.

[@KLondike5]

You HAVE to buy the used EV or hybrid from a licensed dealer. The tax credit does not work on private party sales.

[@AS-gf5jn]

Are you sure? Can't you just file form 8936 at the end of year as an individual buyer that bought from a private party that year?

[@KLondike5]

@@AS-gf5jn Buying from a dealer is explicitly listed in the rules. It's gotten even narrower either the dealer has to be registered in the program and or has to do the sale online through a special portal for the credit.

[@AS-gf5jn]

@@KLondike5 Got it. Thank you so much!

[@boki23m]

According to the form 8396, if the vehicle is used and $4000 credit was received the business/personal use doesn't apply? Can you get a used vehicle and occasionally use it for rideshare driving? Mixed use, maybe 50/50 business/personal miles and deduct mileage (not actual cost)?

[@Dan-7133]

For California, was he saying there is an extra $4,000 discount? So you can get a total of $8,000?

[@Psmitty97]

The guy mentions that if you make less than 50k, you won't get the full $4,000 credit. But I'm reading the IRS website and I'm not seeing that listed anywhere. Can somebody please explain if this is correct information? It talks about a limit of 75k for single people, but doesn't say anything about how you need to be over 50k to actually get the 4k rebate

[@adamlee5504]

For reference the LFP battery was introduced in the model 3 in the fall of 2021. It’s going to take a few more years of depreciation to qualify for the tax credit.

[@mattbba8451]

How much does it cost to have a Tesla repaired? How much is the average cost of repairs? How much repair can an owner do on their own? What is parts availability? Compare to a GM or a ford ICE repair over 8 years. if it costs $24000 for a new battery after a flood or an accident the insurance will just total it out for less than the cost of a battery and your screwed. They do it with ICE cars and houses. Give us numbers.

[@porschedriver8612]

Does anyone know what's the IRS' definition of sale price? Is it the value of what the car was sold for or is it the price of the car plus tax, fees, dealer addons?

[@joelado]

Sam, the income stipulations are limits on your personal earnings in 2023. You can't be making more than $150,000 for an individual or $300,000 for a married couple filing jointly to get the credit. The credit is equal to 30% of the sale price up to a maximum credit of $4,000. What this means is that if the used EV that you want is less than $13,333.33, the max you can get off the EV is 30%, which would be less than $4,000. For example if your EV happened to be $10,000, all you would be able to get as a tax credit towards your taxes would be 30% which would be $3,000. If your used EV was sold to you for $20,000 instead of the 30%, which would be a credit of $6,000, the maximum credit that you could take off your Federal taxes would be $4,000. Provided that you owe at least that amount or more on your Federal taxes. 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. Purchases made before 2023 don't qualify. In 2024 the tax credit turns into a discount/rebate at the dealer, but like everything the U.S. Internal Revenue Service (IRS) does, it becomes far more complicated in my opinion. The dealers have to do a lot more paperwork to be able to give the discount/rebate, like having to be registered to do so with the IRS, and on the used EV buyers side you will need to come to the dealer with tax records showing you are eligible for the discount/rebate in terms of income. The IRS puts the burden on you the purchaser to make sure that your dealer is registered and qualified to give the discount/rebate. On its surface the 2024 approach seems easier than the way 2023 does it, but in the end it may be more complicated. Also, income limits drop in 2024. Your Adjusted Gross Income must be if you are single $75,000 or less, head of household $112,500 or less, married and filing jointly $150,000 or less, and if you are married and filing separately $75,000 or less. So if you make more than this you need to jump on buying a used EV this year in 2023 as long as you don't make more than what was stated above for 2023. Remember, there is no lower limit for income only maximum limits of what you can make to get the discount. There is an amount you have to owe in taxes to take full advantage of the tax credit in 2023, once you reach zero taxes with the credit amount that is all you can take.

[@KLondike5]

Wow. That 2024 info is interesting & limits an already limited number of dealers to source these vehicles.

[@bmart13586]

Interesting, so now in 2024 the dealership can automatically apply the discount? Assuming they will now have to handle all the paperwork

[@zekew7546]

A “used vehicle under $25k” does not answer dilemma I am getting from a dealer. He says it is the “asking” price as original chosen by the dealer, and tax credit is not controlled by the final OTD purchase price. So a dealers sale price posted of $25,001 would NOT qualify for getting used clean vehicle tax credit, even if the dealer knocks off one dollar. 1:54 Dealer is adamant despite me sending copy of federal law/notices.

[@jamesp5301]

So I've been shopping around and noticed a lot of short term EV purchases on qualified vehicles. I wonder if these purchases were just for the tax credit but its ashame that someone burned the tax credit on those vehicles and walked away

[@losbadgt]

My question is the beginning of this year u can get the tax credit at the dealer? I been looking for a plug car and it seems a lot of dealers don’t understand.

[@boki23m]

How long do you need to keep the car and can you use it to drive Uber?

[@mrmawson2438]

Cheers Sam

[@rickibaron4816]

I don't know why the rest of the worlds thinks that the average person in the US makes that much in a year. The numbers that you are putting out there for income is many times higher than the average person here. I can only guess that people are looking at management type of people and CEOs. I have talked to many people around me and almost everyone I know only earns up to $25,000.00 a year with a number of us are lucky to make $20,000.00 a year. This is why we need a much less expensive electric vehicle in the US. Of course the retired people make even lees that $20,000.00 a year. I am thinking you need to do a little research into this.

[@bearcubdaycare]

There actually is no minimum income per se to qualify, it's just that it's only up to your income tax that year. It's actually 30% of the sale price, to a maximum of $4000. A UK KZbinr bought a used EV for 4400 pounds, looks mint, and he has a video series on his experiences with it. He's getting near original range. He's driving it for his daily commute in order to have fair info on it. It'll be interesting to follow. The main problem I think is that, given the rapid increase in market share, there aren't so many older EVs, compared to newer EVs, and in America the older EVs were often more expensive models, because that was Tesla's sensible strategy...start with more expensive cars that could be viable even in low volume, then produce successively less expensive models as volumes increase, which is what they did. It'll be years until a large number of older used model 3s hit the market, and even longer until older used model 2s hit the market. That's when lower cost EVs will be available.

[@johnchristopher20]

“Average annual salary nationwide: $59,428” - 2 seconds on google. Research for yourself, don’t ask people around you.

[@rickibaron4816]

I will have to disagree with you. If you do not have income in America you cannot get the tax write off. It must work differently in other countries. All of the money that you can take off the price of the car, at least in America, has to written off the taxes you pay. If you do not pay much in the way of taxes you cannot get the write-offs. For reference the retirement pay that the vast majority of Americans get is only about $16,000.00 per year. Not nearly enough to even consider getting a Tesla, beside there is no customer service for most part. If you have a problem with a Telsa there is no where to go. We have solar panels on our roof that is now owned by Tesla and we cannot get any kind of service without getting a lawyer even though the contract says differently.

[@acs2777]

Your prayers have been heard but you need to move to Colorado and have low income kzbin.info/www/bejne/q6nSg6Waep6YnM0

[@tireddad6541]

I knew about this discount months ago. But the dealers don't know anything about it. I sure hope at tax time i get the credits. Very poorly communicated by the IRS. It is 30% so i bought one at 10K and the other at 13K. I figured if i need a replacement battery it will help.

[@KLondike5]

IRS has had the form & eligible vehicles available since early on. Print your own copies. Better the dealers are unaware until the price is settled so they don't pad it. Then whip out the form for them to complete.

[@scottmcshannon6821]

i think used EVs for less than 25,000 is very slim. do you want a bolt or a leaf?

[@danielsoutdoors]

Or i3 BMW or Ford Focus EV

[@KLondike5]

Hybrids qualify too.

[@ernestomytv]

Tesla Model 3 and older 2016,20179model S

[@markrowland1366]

Lithium iron phosphate, batteries charge 100%, from empty to full. Many other batteries charge 60%, 20 to 80% or they degrade. So a bigger battery for more years for the same money.

[@litestuffllc7249]

Hey Steven jones; obviously richer people thought of it. Used EVs - Nasty. When an EV is exposed to saltwater; they can corrode and catch fire. An ICE car with computers onboard can lose their electronics; but catching on fire is a bit more serious a problem. Any EV which was in Florida during the recent hurricaines may have been exposed to salt water intrusion; so unless you completely know that your prospective used EV wasn't in Florida; you are taking a chance you don't want. That goes or any such exposure. What about salted winter roads? I'm starting to appreciate the old fully analog cars. A person can fix about anything in them; you can't fix chips, especially those out of production; it tends to make your car into a disposable highly planned obsolecence item. What happens when your company doesn't want to do software upgrades on your older vehicle? What happens if the company doesn't like your repair and won't let you charge on their super chargers?

[@tiojuan174]

$65k is the 46 percentile and $150k is the 80 percentile. In other words, 46% of US families make less than $65k per year and 80% make less than $150k. That means only 34% of US housholds can fully benefit from this.

[@everydaypotato.3033]

nice

[@peterjin9524]

Is $25000 before tax or after taxes and fees? Thank you

[@danielpaniagua6907]

The $25,000 does NOT include the taxes and fees :) so basically you can get a car that has a asking price of $25,000 and should be fine to get the tax credit!

[@Victic005]

It's better to get a new one.

[@mrmawson2438]

Hello mate

[@gzcwnk]

The leaf required almost no servicing, but new BEVs do, Why? income for dealers IMHO. Hence when an Atto3 is the same capital cost as a Model3, the model3 which needs no servicing is the better car and the better buy. Also a big bonus for a Tesla purchase, no dealing with assh*le dealers.

[@flolou8496]

Is this Federal 4K income tax credit benefit going to be available if I can't purchase the car until 2024? or do I have to buy the car before the 2023 year ends?

[@KLondike5]

It starts in 2023 & runs until 2032. Though how it's run has been said to be changing in 2024 & requires the dealers to be registered/approved. As of right now you just have to make sure the purchase is through a licensed dealer.

[@flolou8496]

Thanks for that, now the problem is, the lack of transparency when it comes to figuring out if the car is eligible for the 4K discount: This really sucks, dealers evidently can't tell if a previous owner has received the initial 7500 tax credit widely available in the past 3 years, so even if your lucky enough to be the 2nd owner, you can't easily tell if the car is eligible, because as I've heard it, once any credit has been applied on the car, that's it, no more credit, so basically this 4,000 credit is kind of a scam, or at least much harder to get than many realize, (nasty IRS suprirses in store for so many people, who later find out the IRS is the only one who know's I guess for sure if the car is eligible, and unless they're is some kind of federal database showing if the car is eligible or not again'st the IRS database, your screwed ouf of 4K when you apply, after you've already purchased,

[@KLondike5]

@@flolou8496 The $4K credit only applies to the 1st person to claim it from a purchase after 12/31/2022. That prevents flipping it every few years into new names for a credit. The rule isn't referring to new vehicle credits that may have been claimed.

[@flolou8496]

So even if a previous owner took the 7500 larger credit on the same car previously, (which many I'm sure did who were the first owners buying the car brand new at the dealer, your saying that same car is still eligible for the 4K used car credit ?

[@KLondike5]

@@flolou8496 Yes. This is for the used "clean vehicle" market. The other limitations like the model year being 2 years prior & under $25K will make it unlikely it's claimed anytime near a new credit was claimed or someone transfers ownership to a spouse to catch another credit too soon. And with the 30% of sale value up to $4K credit will probably limit many people's savings too.

[@kylegg471]

Average family income is $45-50k boss. KZbin must of went to your head and good luck finding a used Ev AT ALL let alone under 25k 😂😂😂

[@mostmost1]

The chevy bolts are.

[@postverifiedlifestyle]

The average household income in the US is just under 75k. You're pulling stuff out of your ass

[@mattbba8451]

It is hilarious that you think $65,000 is low income. LOL. That is a good income in the US for working class guppies. What is worse is that rich people keep making laws and rules based on their want as apposed to data driven facts about income and ability to pay and the poor get no say over their situations. Do people who make less than $120000 a year need used car incentives sure. But poor and working class need 10X that help.

[@AnthonyTolhurst-dw1nc]

Get a JOB