It is officially 2024, and that means that EV Tax Credits for Tesla and others is now eligible for Point Of Sale (POS) transfer. With his major change to the tax code in EV tax credits, 2024 is likely to be the year of the EV.

Not only did Tesla once again start qualifying for the EV tax credit of up to $7,500 beginning in 2023, but that tax credit is now able to be realized at time of sale, or when you actually buy the EV. Starting January 12th, 2024, you will be able to apply that $7,500 to an eligible Tesla at the time of your purchase.

This will be eligible for the Tesla Model 3 Performance, Model Y RWD, Model Y LR, Model Y Performance and the Model X LR. These vehicles all qualify for the maximum credit, or $7,500.

By transferring the EV tax credit, you are gaining some additional benefits. First, you will be able to treat this tax credit as cash during your purchase, meaning you can apply the full amount or som of the amount directly to the purchase as iff it were a down payment. 2nd, you will also have less qualification requirements when you transfer the credit, meaning you only need to be under the income threashold of $300k for joint filers and $150k for individuals.

Your tax liability does not matter, ONLY IF, you do not exceed the income caps AND you transfer the credit to an approved dealer. If you decide to wait to claim the tax credit until you file your taxes, you will also have to have enough tax liability to realize the full amount.

Another benefit to this update is the income caps are based on AGI, for EITHER the year the vehicle is placed into service or the previous year. This gives you 2 years of income to qualify without exceeding the income caps in place.

Finally, you are able to claim "unlimited" tax credits. Each year, each taxpayer is able to transfer up to 2 credits per year to an approved dealer. You are also able to continue claiming tax credits beyond that, but the remainder will not be claimed until time of filing your taxes. The 2 credits transferred are only subject to income cap requirements. The remaining credits are also limited to your tax liability, meaning you can only take as many tax credits as you have tax liability to cover.

*NOT FINANCIAL ADVICE*

Links:
Qualified Vehicles: https://fueleconomy.gov/feg/tax2023.s...
IRS Guidance 12.29.23: https://www.irs.gov/pub/taxpros/fs-20...
IRA Law: https://www.congress.gov/bill/117th-c...


Join this channel to get access to perks:
   / @beardedteslaguy  

Follow us:
Twitter @BeardedTesla
  / beardedtesla  
Instagram BeardedTesla
  / beardedtesla  

Accessories
DIY PPF Pre Cut Kits Save 20% with code "BTG" https://driveprotected.shop
Floor Mats, 3DMAXpider use code BTGMAX for $10 off - https://www.formytesla.com/product/ma...
DIY Ceramic Coat use code BTGCC for $10 off - https://www.formytesla.com/product/na...
Mattress use code BTG for $10 off - https://www.formytesla.com/product/po...
Hansshow Power Frunk use code BTG for 15% off - https://www.hautopart.com/product/mod...
Matte Screen Protector - https://amzn.to/3o7IaLN
Clear Screen Protector - https://amzn.to/35bhD7E
Center Console Cover - https://amzn.to/31oIYlO
iPad Holder - https://amzn.to/2YLBbgZ
Mobile Connector Organizer - https://amzn.to/3iiUkOP
Car Seat Covers - https://amzn.to/2Vsc9kX
Phone and Glasses Holder - https://amzn.to/2IQcnzb
iPhone Charging Cable - https://amzn.to/3svnEG5
Roof Sunshade - https://amzn.to/3geCUVi

Filming Equipment
Canon M50 - https://amzn.to/3lqNfww
Sigma 16mm Lense - https://amzn.to/2SDHE9E
128 GB Pro SD Card - https://amzn.to/3nv242V
GoPro Hero 8 - https://amzn.to/38mwltO
GoPro Tripod - https://amzn.to/3dPO7GK
GoPro Media Mod - https://amzn.to/2YJlbMl
GoPro Suction Mount - https://amzn.to/3eI67UO
Microphone - https://amzn.to/2ZmZlgN

As an Amazon Associate I earn from qualifying purchases

If you are ready to order your new Tesla, don't miss out on your free 1,000 miles Supercharging by using my referral code - https://www.tesla.com/referral/justin...