Detailed Answer:
Step 1: Look at Line 11 on your 2022 Tax return (Form 1040).
Step 1a: For the vast majority of taxpayers this won't apply: Add to Step 1 any income from Puerto Rico you excluded, any housing exclusion foreign income you claimed (Lines 45 and 50 of Form 2555), and American Samoa residential income excluded (Line 15 of Form 4563).
Step 2: If that number is less than:
$300,000 Married Filing Jointly
$225,000 Head of Household
$150,000 Single and any other filing status
then continue to Step 3. Otherwise, you currently DO NOT qualify for any rebate, and will need to reduce that number on your 2023 Tax return below those limits. You can reduce that number by traditional 401k contributions, or some small-business options.
Step 3: Look at Line 24 on your 2022 Tax return (Form 1040).
- If it is greater than $7,500 and your income in 2023 stays the same or increase, you will get the full $7,500.
- If it is less than that, you get that amount (assuming your income stays the same). If your income increases then you may get a larger refund, up to $7,500.
In other words, in order to get the full tax credit, you must OWE at least $7500 in taxes and be under the income limits.
You absolutely CAN NOT carry over for a few years, or even one more year. It is a one time credit. Any unused credit is LOST!
Q7. Is the new clean vehicle credit refundable or able to be carried forward? (updated March 31, 2023)
A7. The new clean vehicle credit may only be claimed to the extent of reported tax due of the taxpayer and cannot be refunded. The new clean vehicle credit cannot be carried forward to the extent it is claimed for personal use on Form 1040, Schedule 3, Additional Credits and Payments.
from page 3 of this IRS document: https://www.irs.gov/pub/taxpros/fs-2023-08.pdf
* If you're concerned about battery degradation, you can take a look at this site [teslalogger.de] (Pull down the menu for Model Y LR)
* If you like to nerd out on graphs, data, and overal health of your vehicle, get a program called teslamate that can be installed on your home server. every time your car parks in your garage it will send driving telemetry data to it with pretty graphs [teslamate.org] and all.
* You can also opt to get teslausb [github.com], which can wirelessly send all your dashcam footage to your home server every time you pull into your garage.
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EV good if you have a dedicated charging station at home.
if you live in an apartment complex or condo its not as consumer friendly, unless you want to pay up the wazoo at supercharger stations and inconvenience yourself by having to go there every time to charge. Go to plugshare.com to see how much you will be paying in your area. Just multiply cents * 45kwh (assuming you're charging from 20% to 80%). For my area I would be paying $20-$25 per charge at a supercharger station. At home, with the national average electrity rate of 0.14 / kwh, it would cost $6
if you live in california, don't forget that you can also get another $2k in CVRP rebate. you get a check in the mail but the wait time is long to get it.
also don't forget about the single occupant HOV lane decal you can sign up at the DMV website.
basic autopilot is more than sufficient. autopilot still has a long ways to go imo. definitely not worth getting the advanced AP and definitely not full self driving at $15k. as MKBHD always says, don't buy a product on a promise of features yet to come.
also, make sure you setup your electricity usage to "time of use" or EV-specific plan as your bill will assuredly go up. Don't be on those tiered plans. Yes, you will end up saving money compared to ICE vehicles paying for gas, unless you get a hybrid, which is a bit more comparable, especially in areas where electricity is expensive.
additionally, people forget that you need to install a wall connector or mobile connector in your home. equipment costs $230 for the mobile connector +$45 for the nema 14-50 adapter, which is good enough especially if you do scheduled charging at night to save on electricity. installation itself will vary depending on your region and how much electricians will charge you, but it can get expensive. just make sure you're not getting ripped off as electricians are aware of the EV craze and asking for higher premiums on them. installation can go anywhere from $1k-$2k+. (according to poster SamirPD, you can ask the electrictian to install a dryer outlet and it should save you money and prevent you from being ripped off). One worthy note, EV charger and installation is tax deductible at 30%, just need to fill out the tax form [irs.gov] when you do your taxes next year. EDIT: SD poster hiro916 indicated that the 30% tax deduction only pertains to low income or rural tract areas, so YMMV [reddit.com].
as for car insurance, I'm paying $95 a month through Geico, but thats with a robust policy.
if you are impatient like me, and want to get one right away without having to wait, go to the waitingfortesla discord server [discord.com] and setup alerts for any time a Model Y drops in your local area. You have to act quick as they get snatched up relatively quickly. You can see whats in inventory on their website too [waitingfortesla.com]. Don't expect to see base model Y LR coming into inventory. If you want to pick something up quick settle for the 20 inch induction wheels (costs $2k extra) as they are more readily available. You can always sell the tires if you want to recoup some of the costs and get an aftermarket hubcap that look better than stock anyhow.
If you're interested in a real world range comparison of current popular EV's check out this YT video [youtube.com].
once you pick up your car you have 100 miles and 7 days to report any defects. panels gaps aren't as much of a problem anymore compared to years past, but be on the lookout for them. paint quality isn't so great out of the factory, mine came with swirl marks all over and had to get it paint corrected.
if you're concerned about battery degradation, you can take a look at this site [teslalogger.de] (select dropdown and look for Y LR AWD US to see the average degradation over time based on mileage. on average after 50k miles you should see about a 10% degradation, and it will degrade more slowly 50k+ miles onwards.
in terms of accessories, the only real requirement imo that you need are mud flaps. reason being is because without them, the rear passenger quarter panels will get hit with rock chips very quickly. tesmanian is a good aftermarket seller, or you can just opt for ones you see on amazon. if you want to go deeper into accessories temu is a great site for low prices compared to amazon.
if you like to nerd out on graphs, data, and overal health of your vehicle, get a program called teslamate that can be installed on your home server. every time your car parks in your garage it will send driving telemetry data to it with pretty graphs [teslamate.org] and all.
you can also opt to get teslausb [github.com], which can wirelessly send all your dashcam footage to your home server every time you pull into your garage.
my personal thoughts on ownership thus far. overall i like it. i am using it as a daily driver / commuter car. i don't think of Model Y and 3 as a 'luxury' vehicle. I see Tesla as a software company trying to be an automaker, and the legacy automakers are trying to be more like Tesla by being more tech focused. Teslas are continuously getting software updates to improve year over year. Interior build quality is spartan, and the ride quality need some improvement, especially if you are in an area with poor road conditions. if you're really into tech like me, this is the car for you. Performance vehicles I still prefer ICE cars over EV's however. first thing you will notice in an EV though, is the instant torque. that is what will grab you immediately.
If you have questions and need instant feedback join the Tesla discord, I'm active on there and other members can assist with questions you may have: https://discord.com/invite/tesla
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According to the Tesla website, ALL used Tesla vehicles are eligible for IRS EV Credit, but the IRS list of qualified vehicles does not show Tesla on their list.
AFAIK the only requirements for the used EV credit going forward are:
Sale price must be 25k or less
Model year must be at least 2 older than the year you buy it (so 2021 or older if buying in 2023)
Have a GWVR less than 14,000 lbs
Be an FCV or plug in EV with a battery of at least 7kwh
Be for use primarily in the US
That's for the car, there's still the buyer requirements separate from the car (75k single AGI cap, 150k married joint; buying for use not resale, not the original owner, not a dependent on another's taxes, haven't claimed another used EV credit in 3 years before purchase date)
Carscoops has a rendering of the 'new' MY based on the leaked photo of the Highland M3.
Attachment 13441928
The sale price must be 25k or less.
Model year must be at least two older than the year you buy it (so 2021 or older if buying in 2023)
Have a GWVR of less than 14,000 lbs.
Be an FCV or plug-in EV with a battery of at least 7kwh
Be for use primarily in the US.
That's for the car; there are still the buyer requirements separate from the car (75k single AGI cap, 150k married joint; buying for use, not resale, not the original owner, not a dependent on another's taxes, haven't claimed another used EV credit in 3 years before purchase date)
https://www.irs.gov/credits-deduc...n-vehicles
The Tesla website says all Teslas are eligible for $4k used credit if the price is less than $25k, more than two years old, and sold by a licensed dealership.
The reason I am asking is,
I recently purchased a used Tesla 2019 from a car dealership, price is slightly less than $25k, and my income is also eligible for a $4k tax credit. The IRS website confuses me as Tesla isn't on the list.
1. Even Tesla MSRP looks higher, actually it is cheaper to many others when you compared apple to apple. Tesla doesn't have cheaper trim, the cheapest trim already included everything. e.g. cheapest Model Y right now is $46990, its AWD with 279 mile range with leather power seat and glass roof. VW ID.4 AWD Pro S is $52,795, also AWD, but only 255 mile range.
2. Road trip consideration. Many people only think about range when they consider road trip. Actually its the reliability of fast charging network. Tesla has RELIABLE fast charging network for you to drive all over US. Reliable is the key. But I can't say the same for other network, needless to say some have, even up to 50% down time, various kinds of connection or payment problem.
3. Availablity and dealer markup. I don't want to elaborate. I don't want to deal with dealers.
Why are there so many people misinformed about autonomous driving/driving assists/self driving. The fact that so many people think that there are other car manufacturers that surpass Tesla in self driving just goes to show how much effort Tesla haters have put into spreading misinformation.
Not a single car manufacturer has anything beyond level 2 without extreme limitations, including Tesla. This is fact. Anyone who argues against this is either misinformed or straight up lying.
Mercedes is able to achieve level at 50mph means it's operating at safer condition at that speed.
Most likely it's because they don't have god-like cash like Tsla so they don't want to get sued.
The fact that Tesla hasn't reach level 3 and had been reported numerous incidents it's just funny that people trust their life with it. The people who are saying Tesla is full self driving vehicle are the one spreading misinformation.
You can choose to act like an idiot and trust your life with it.
Mercedes is able to achieve level at 50mph means it's operating at safer condition at that speed.
Most likely it's because they don't have god-like cash like Tsla so they don't want to get sued.
The fact that Tesla hasn't reach level 3 and had been reported numerous incidents it's just funny that people trust their life with it. The people who are saying Tesla is full self driving vehicle are the one spreading misinformation.
You can choose to act like an idiot and trust your life with it.
On level 3 the driver can take his eyes off the road and vehicle will give sufficient notice so driver can assess and take control.
It is not the speed or vehicle in front that makes it level 3.
Level 2 to level 3 is a significant jump and the reason why all autonomous driving systems in US are still level 2. Mercedes is certified recently and that too, only in state of Nevada. The real world use case for 50mph L3 would be during a traffic jam.
Autonomous driving levels :
https://www.jdpower.com/cars/shop...-explained
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Mercedes is able to achieve level at 50mph means it's operating at safer condition at that speed.
Most likely it's because they don't have god-like cash like Tsla so they don't want to get sued.
The fact that Tesla hasn't reach level 3 and had been reported numerous incidents it's just funny that people trust their life with it. The people who are saying Tesla is full self driving vehicle are the one spreading misinformation.
You can choose to act like an idiot and trust your life with it.
Lawsuit coming
Level 3 is safer, it's according to SAE.
I can see that you have superb logical thinking
By all means though if you think it does, please quote the relevant section of the J3016 spec doc.
You can go argue with them since you know so much about it. They might hire you as their consultant.
You can go argue with them since you know so much about it. They might hire you as their consultant.
Also they don't support your claim EITHER my dude so not sure what I'd "argue" about... The word "safer" doesn't even appear at your link.
So I guess the answer is "no, you can not actually quote the SAE saying what you claimed they do"
Thanks for clarifying!
Mercedes is able to achieve level at 50mph means it's operating at safer condition at that speed.
It means Mercedes is taking responsibility for the dynamic driving task under very very very specific and narrow circumstances instead of requiring human supervision.
That is literally what it means.
They make no claims at all about how safe it is vs. an L2 system with an attentive human driver. Nor, as I mention, does the SAE.
Tesla, on the other hand, actively publishes real world driving data showing their L2 systems are significantly safer than the average human driver by itself. The data is published quarterly and has been for years.
So I guess the answer is "no, you can not actually quote the SAE saying what you claimed they do"
Thanks for clarifying!
Why would you need to "prove" something Tesla themselves outright states right on the page you purchase the option?
Again, no it does not mean that.
It means Mercedes is taking responsibility for the dynamic driving task.
That is literally what it means.
They make no claims at all about how safe it is vs. an L2 system with an attentive human driver. Nor, as I mention, does the SAE.
Again since you know so much more than JDPower lets see your credential lol
Apparently you have no idea how "replying a comment' work in a forum.
I was responding to the comment other made saying Tesla is autonomous vehicle and it's not.
1. Even Tesla MSRP looks higher, actually it is cheaper to many others when you compared apple to apple. Tesla doesn't have cheaper trim, the cheapest trim already included everything. e.g. cheapest Model Y right now is $46990, its AWD with 279 mile range with leather power seat and glass roof. VW ID.4 AWD Pro S is $52,795, also AWD, but only 255 mile range.
2. Road trip consideration. Many people only think about range when they consider road trip. Actually its the reliability of fast charging network. Tesla has RELIABLE fast charging network for you to drive all over US. Reliable is the key. But I can't say the same for other network, needless to say some have, even up to 50% down time, various kinds of connection or payment problem.
3. Availablity and dealer markup. I don't want to elaborate. I don't want to deal with dealers.
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The $1M 2500 sqft house will have better material than the $200k 2500 sqft house in Ohio.
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