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Tax Credit Rules

Tax Credit Rules

I have two model 3 reservations. If my wife and I each buy one, will be both get the tax credit? $7500 per car? Or is it limited to 1 tax credit per household or something?

Also, do I have to pay back the tax credit if I sell the car within some time frame?

Thanks.

ron369 | 23 août 2017

I'm pretty sure that you both take the credits ... even if filing jointly. Here is the form which has space for two vehicles:

https://www.irs.gov/pub/irs-pdf/f8936.pdf

As far as paying back the credit, I don't know the answer to that one.

ron369 | 23 août 2017

From Edmunds: "The federal tax credit isn't applicable to an electric vehicle being purchased for the purpose of reselling it. That's a gray area, though, and would be tough for authorities to prove."

It sounds like there aren't strict rules about how long you need to keep the car, just a fuzzy "intent" clause.

stevenmaifert | 23 août 2017

Took delivery of both a Model S and a Leaf in 2012. Claimed both my 2012 taxes. No problems other than having to take some regular IRA distributions to generate enough tax liability to use all of the $15K credit. There is no minimum ownership time in the Federal legislation governing this tax credit. However, some state rebate programs do have minimums.

deemo | 23 août 2017

Federal must have tax to offset,is only real limit. In CA must keep for 30 months and maximum 2 rebates, also there are income limits to get credit