expiredxTorquEx posted Apr 05, 2024 05:46 PM
Item 1 of 2
Item 1 of 2
expiredxTorquEx posted Apr 05, 2024 05:46 PM
2024 Tesla Model Y + $7,500 Federal Tax Credit
(For Qualified Buyers)$40,490
$44,990
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Deal Details
Tesla has dropped the base price of the Tesla Model Y from $44,990 down to $40,490. All Model Y vehicles also qualify for the $7,500 Federal Tax Credit (details here).
Thanks to Community Member xTorquEx for finding this deal.
Available models:
Thanks to Community Member xTorquEx for finding this deal.
Available models:
- Tesla Model Y (Standard Range) from $40,490
- Tesla Model Y (Long Range) from $44,990
- Tesla Model Y (Performance Dual Motor All-Wheel Drive) from $48,140
Editor's Notes
Written by megakimcheelove | Staff- To qualify for the federal tax credit, one must not exceed the following adjusted gross income limits:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
- The tax credit is not refundable, which means one must have federal tax due to take advantage of it. If the tax due is less than the credit amount, one can only claim the credit up to the amount of the tax due.
- Get 1%-5% cash back on deals like this with a cash back credit card. Compare the available cash back credit cards here.
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
Tesla has dropped the base price of the Tesla Model Y from $44,990 down to $40,490. All Model Y vehicles also qualify for the $7,500 Federal Tax Credit (details here).
Thanks to Community Member xTorquEx for finding this deal.
Available models:
Thanks to Community Member xTorquEx for finding this deal.
Available models:
- Tesla Model Y (Standard Range) from $40,490
- Tesla Model Y (Long Range) from $44,990
- Tesla Model Y (Performance Dual Motor All-Wheel Drive) from $48,140
Editor's Notes
Written by megakimcheelove | Staff- To qualify for the federal tax credit, one must not exceed the following adjusted gross income limits:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
- The tax credit is not refundable, which means one must have federal tax due to take advantage of it. If the tax due is less than the credit amount, one can only claim the credit up to the amount of the tax due.
- Get 1%-5% cash back on deals like this with a cash back credit card. Compare the available cash back credit cards here.
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Top Comments
There's a pattern with Tesla threads here. I don't care if you all wanna discuss the deal or the cars but it always turns into paaaages and paaaages of bickering back and forth and nobody ,except for the few involved, enjoy that or wanna wade through that. So cut that stuff out, please and thank you.
1,479 Comments
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Why do you keep ignoring the many times the IRS has been directly cited proving you get to keep the $7500 credit regardless of tax liability and instead cite to 3rd party links?
The IRS explicitly says if you take the POS credit they will not clawback any difference if your actual liability is less than the value of the credit.
"The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years."
where does it say on their site otherwise?
While owed and liability are different- neither has anything to do with the $7500 tax credit.
You can get the full $7500 at point of sale regardless of either liabiity or what you owe end of year.
As has been explained repeatedly, with links to the IRS confirming it. Including 2-3 times today alone
How do people keep getting this wrong?
"The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years."
where does it say on their site otherwise?
Right here.
https://www.irs.gov/newsroom/topi...les-credit
Question 4.
As already posted mutliple times today alone.
Holy cow why does nobody on here read existing posts before spamming misinformation to the thread?
Holy crap that's a ton of driving. Did you supercharge frequently? I ask because that amount of frequent, what I would presume daily if not multiple times a day, supercharging would take a toll on a battery. I would have gone with a lithium iron phosphate battery tech if I was putting that kind of mileage but man that's a lot of driving.
I can see writing off a car if its got at least 200,000 miles on it. But a new engine on an ICE car runs around $6000. Sucks for the battery to cost so much more.
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I still have 2 plugins but until EV can stabilize price wise and cold weather range I am going to hold off on getting a new one. Now my Tesla was old skool no heat pump but my cousin has a 2023 and while the heat pump is better it still sucks in the winter.
In any case outside of the $8000 in warranty repairs it was good after the first year except the paint was atrocious and so was the panel alignment.
But I would tell everyone to avoid any of their cars from the first year of model production. Model 3 and Y took about a year to really reach "acceptable" / "design complete" - same can be said about the Cybertrucks people are getting today.
That said - these cars, with incentives and our driving habits - made perfect sense. They've both proven to be very well made cars, with no panel gap issues to speak of.
However everyone I've known with a 2018/2019 Model 3 or 2020 Model Y has talked about the thousands of dollars of "Free" warranty work their cars received to reconcile issues due to immature/incomplete design decisions.
Your insurance is going up unless you already drive a $100k + car. These are priced based on cost of repair and history of Tesla drivers crashing more than other brands. So expect an increase. Depending on where you live, your cost to charge may be a big savings over gas or not. For us, gas is very expensive, so using electricity is a savings - even though our local utility is also criminally over-priced (SDG&E).
Generally, you will want to charge at home over supercharging. Very nice to wake up to a full charge for the day. Expect to have a 240v plug installed or a dedicated wall charger.
The up side is the cars are nice and drive well. I don't see having to do anything more than changing tires, swapping out cabin air filters, and filling washer fluid. This month we got free Full Self Driving as a trial. It's cool, but I don't trust it. Not yet. it drives like an old lady - one with some vision issues. I would think in another year or so it will be pretty good.
Included games, browser, Netflix, YouTube, and other goodies make charging stops painless. I really like it for the family car that's used for taking the kids to school and activities. Not really there for long trips unless you are totally in California. Then it's ok as there are plenty of charging stations. But as you leave the West, it's a bit more of a concern. At present the ICE/ICE-hybrid is better for long trips.
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https://www.irs.gov/newsroom/topi...les-credit
Question 4.
As already posted mutliple times today alone.
Holy cow why does nobody on here read existing posts before spamming misinformation to the thread?
Topic H, Q3 says the buyer must meet eligibility requirements in topic A:
Q3. What are the requirements a buyer must meet to be eligible to transfer the New Clean Vehicle Credit or Previously Owned Clean Vehicle Credit to a registered dealer? (added Oct. 6, 2023)
A3. A buyer must meet all eligibility requirements for the New Clean Vehicle Credit or Previously Owned Clean Vehicle Credit, as applicable. See Topic A, Topic B, Topic D and Topic E.
Topic A includes Q7:
Q7. Is the New Clean Vehicle Credit refundable or able to be carried forward? (updated Oct. 6, 2023)
A7. The New Clean Vehicle Credit may be claimed only 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. However, the New Clean Vehicle Credit can be carried forward to the extent it is claimed for business use on Form 3800, General Business Credit, as otherwise appropriate. See Topic H FAQ 3 regarding transfer of the Clean Vehicle Credits.
Question 4 is very specific,
"A4. The amount of the credit that the electing taxpayer elects to transfer to the eligible entity may exceed the electing taxpayer's regular tax liability for the taxable year in which the sale occurs, and the excess, if any, is not subject to recapture from the dealer or the buyer. "
so the dealer, in this case, tesla, will not deal with any recapture if you do not qualify. This does not mean that topic H Q3 does not matter, it specifically states how the dealer, not the buyer and not the IRS, handles the credit for the purposes of being point of sale
It means that per Topic A, Q7, if the buyer doesn't actually qualify, they will have issues come tax time. The only way that tesla was able to help you fill out the form 15400 was to use your SSN, can you guess who they submitted the F15400 to? the IRS
When they find that tesla reported the F15400 that stated you claimed a POS credit, but you don't file a return or you file a return and you don't actually have $7,500 of tax or have income over the limit and don't actually qualify... you may get a surprise in the mail
you need to read the entire Q&A, not just the sections you skim over.
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