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Fed tax credit when co-signed - jointly owned

Fed tax credit when co-signed - jointly owned

I am a day one reservation holder (non-tesla owner). I have a friend who works at Tesla and he is not interested in the Model 3 (wants an X). He is willing to co-sign the car for me using my reservation and have the car delivered right away. My only concern here is about the $7500 tax credit. Since we will be jointly owning the car, who will be eligible for the credit. Can I myself claim the whole amount, will it be split or will it be void totally? Has anyone been in this situation?

patrick40363 | January 9, 2018

Only one person can claim it.

rxlawdude | January 9, 2018

Either of you, but not both, may claim it if you are on the title when the vehicle is placed into service (e.g., sale date).

rgmodel3 | January 9, 2018

Thanks, yes I will be the one picking up the car. So my name will on the title to begin with along with his.

ST70 | January 9, 2018

Tesla can just correct the paperwork when you pick it up I believe...you shouldn't need him to co-sign it unless you need to

dan | January 10, 2018

If a Tesla employee places an order now, do they get it pretty much “right away” now?

rgmodel3 | January 10, 2018

@Dan No. In my scenario, we will be using my early reservation and place an order as a Tesla employee to get it right away.

Bluesday Afternoon | January 10, 2018

@rgmodel3

I believe both individuals must at delivery if both names are on title. Double check to confirm.

rxlawdude | January 10, 2018

@Simply Red, that is correct. Because both need to sign the documents for the DMV.

carlk | January 10, 2018

Put the real owner as the primary owner on the title and the reservation holder as the co-owner it will be alright. The primary owner will take care of car payment and claim the tax credit. The reservation holder needs to be present at the delivery and the car will be under his/her Tesla account too. You can send an email to Tesla later asking to transfer it to the new account of the owner. That's how a friend of mine did a week ago. There was not an issue.

rxlawdude | January 10, 2018

Titles don't have "primary" and "co-owners."

Either titled as JOHN DOE AND MARY DOE or JOHN DO OR MARY DOE.

The former requires both owners to sign for transfer or sale, the latter either John or Mary.