How to claim the tax credit

How to claim the tax credit

Very sorry, I know this must be a duplicate question, but I cannot find the answer after searching quite a bit.

I just received my Model 3, and read that the tax credit will only be available to early buyers. Since I'm not filing this years' taxes until next January, how do I make sure I can claim the credit next year? Is there some way to notify the IRS and reserve the credit now, so I don't get bumped out by people who buy later in the year?

Thank you for the help!

ryansulapas | 3 maj 2018

Once you buy the car this year, you claim the credit in next year in your 2018 tax filing and file a form 8936. There is no reserving credit. You already have it.

emeralda2 | 3 maj 2018

There is a phaseout of the $7500 starting the quarter after next once the 200k th car for each EV manufacturer is delivered.

You are within that window with the Model 3. There is no need to "reserve" your place. Receiving delivery within the first 200k qualifies you automatically *provided* your tax liability is over the amount ($7.5k in this case).

You would just use your tax prep software or talk to your accountant at the time of filing next year's taxes to claim the credit.

nobody123 | 3 maj 2018

OK thank you!

EVRider | 3 maj 2018

The tax credit has been discussed in many threads, so you haven’t discovered the “secret” to searching these forums; this article will help you:

TGibs | 3 maj 2018

@evrider thanks for the link!

Rodo | 3 maj 2018

@evrider Awesome info!

geedub1023 | 23 maj 2020