EV Tax Ctedit in us today 2024?

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In this next topic we usually talk about this topic every month but this is the time where we’re going to talk about the 7,500 federal tax credit for the Tesla vehicles.

Kind of go through what all of it actually means and also who should be buying a Tesla now and who should not be buying a Tesla.

Now EV tax credit so let’s take a look at it but if you’re just joining in my name is riyanewan I love a about Tesla hacking so definitely.

If you’re interested so this all started because I googled this I just wanted see what was out there I Googled.

IRS tax credit treasury electric vehicle and lo and behold right there you can see Smackdown that Tesla is actually starting to advertise.

Does Model Y qualify for tax credit in 2024?

That their vehicles or a handful of their vehicles the model 3 the model Y and certain builds of the model X qualify for the massive 7,500 federal tax credit.

EV tax credit
Does Model Y qualify for tax credit in 2024?

Top of that we’ve got a very nice landing page this is a brand new part of Tesla’s website I’ve never seen it before but you can see it you can select different models put in your zip code.

EV tax credit And also P type in what your location is to set up an appointment for a test drive but to back it up really quickly here are the vehicles that qualify.

Any model 3 and any trim qualifies for the full 7,500 federal tax credit now and any model Y in any trim qualifies for the 7,500 federal.

Tax credit for any trim as well model X or Model S does not qualify for any of the tax credit model X only qualifies for the long range in a base build so you can choose any color.

Which EV cars are eligible for tax credit?

Because it’s free but you cannot choose a different interior color or any Rim accessories or anything like that so literally just a base build because.

EV tax credit
Which EV cars are eligible for tax credit?

The MSRP has to be under $80,000 for a SUV and so the next thing is how does this actually work so really if you’re looking at Tesla all those models.

That we just talked about qualify for the 7,500 federal tax credit but if you’re interested in other models I’ll quickly show this this is fueleconomy.gov.

Which shows EV tax credit you which vehicles might qualify for the 7,500 federal tax credit on top of that because not every single vehicle qualifies for the full 7,500.

You can see like the Maki extended range only qualifies for half of the tax rate at 3 3,750 and you might be asking why does that why is it work in that way.

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What cars qualify for EV tax credit 2024?

Well really there’s actually minimum percentage battery components and also minimum percentage of critical minerals for each of these electric vehicles.

EV tax credit
What cars qualify for EV tax credit 2024?

You can see in 2023 it had to have 50% of the minimum minimum percentage of battery components and 40% for minimum percentage of critical minerals Teslas.

Seem EV tax credit to have made their vehicles qualifi for this but the one quick thing here is that these restrictions get stricter every single year.

You can see in 2024 it goes to 60% for percentage of battery components and 50% up 10% for both of those for minimum percentage of critical minerals.

So that is EV tax credit why if you’ve noticed on the Tesla website for model 3 it does say that the current model 3 qualifies for 7,500 but is quote expected to reduce.

Will the EV tax credit be available in 2024?

To 3,750 on December 31st pending Federal Guide de guidance of course this could be Tesla’s way to try and say hey take delivery.

EV tax credit
Will the EV tax credit be available in 2024?

Now before it goes away next year or gets chopped in half but really this is how it actually works so when you buy this vehicle.

Now you actually don’t get a discount or anything like that what happens is as long as you as an individual qualify for the income limits.

Then you can file for an extra enhanced credit EV tax credit back when you fall for your taxes next year and really not everybody gets the full $7,500 back you have to kind of figure.

How much do you as an individual make as a person to see in how much federal tax do you make as a person so here’s a quick calculator.net.

You can pull it up yourself and input your own type of example and you can see we can put in a $100,000 income earner as a single person right here with all the different no other extra things on top.

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What is the tax credit for electric SUV?

That you can see someone who makes $100,000 if we hit the calculate button pays about $14,000 in taxes after taking.

EV tax credit
What is the tax credit for electric SUV?

Thestandard deduction and everything like that so because they are due to pay that type amount of money because it’s taken out every single paycheck.

They get that money right back uh at when they file for their taxes but you can see as this number starts to go down to like $70,000.

It gets EV tax credit very very close into that 7,500 add any sort of different things like kids or marriage or anything like that then it gets even more tighter.

We just switched it to married file jointly and you can see the tax bill drops essentially in half to 4,636 so if this married couple bought.

How many years is the EV credit?

A model y or model 3 EV tax credit or even a model X they would only get 4,000 $ 4,636 back of the $7,500 hopefully that makes a lot of sense hopefully.

EV tax credit
How many years is the EV credit?

You’re following but all of this changes next year and so that why might be a big reason to wait for it next year’s to buy a Tesla next year or even to buy.

An electric vehicle EV tax credit because if you look at the IRS fact sheet that they released on October 6 it actually says that a lot of this or the 7,500.

Your federal tax rate is going to be point of sale it’s goingto be a point of sale discount which means less financing less amount down payment.

If you’re going to be financing maybe even less taxes less fees for when you’re going to be buying your Tesla vehicle and on top of that because.

Do 2024 EVs qualify for tax credit?

The credit transfers to the dealer then the full 7,500 and the dealer May hopefully discounts the full 7,500 off of the vehicle price the it seems from this.

It appears that the IRS is not going to try and get that back from those people that might not have qualified from the full 7,500 so definitely take that for what ever.

EV tax credit
Do 2024 EVs qualify for tax credit?

 It’s worth it’s different from how the law is written and certainly if you are if you’re still confused or need more clarification you can print.

All these documents go to your accountant or your CPA and see if they can get you an thumb is if you’re someone that is single you’re going to want to make above $70,000.

To get that full tax  credit if you’re buying now but if you’re someone that’s under that you might as well wait until next year till it’s a point of sale discount so.

Is $7,500 EV tax credit refundable?

You can really get the full effect and don’t have to worry with filing for the taxes or anything with that for the model 3 Model y or even X.

EV tax credit
Is $7,500 EV tax credit refundable?

But definitely some pretty interesting stuff there’s a lot of documents out there there’s also going to be a lot of headwinds in the near future at the end of this quarter because Tesla knows.

Probably a EV tax credit lot of people are going to be waiting for the discount or waiting for the 7,500 point of sale discount next year and so they’re probably going to entice.

A lot of people to try and buy nthis year or even buy by the end of December but definitely some pretty interesting stuff let me know.

What your thoughts EV tax credit on it let’s jump into some of these questions DZ is the instant EV tax credit for when I place in order online or when I take delivery  .

let’s say I place an order in December and take delivery in January would I get the instant 7,500 on delivery yes you’ll get the instant 7,500 off delivery in January.

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How does the 7500 tax credit work?

When you actually take delivery River hey Dennis monetify income is below the limit to qualify for the 7,500 tax GR in 2024.

Then it appears from these still be able to get the full 7,500 and the IRS will now not be coming back for for you to get that back so of course.

EV tax credit
How does the 7500 tax credit work?

This is how it reads you can see it right here and so I’ll post this in the comments right now so you can take a look at it for yourself but definitely.

Some pretty interesting stuff let me know what your EV tax credit thoughts on it we’re going to jump into the lot live stream comments but before.

There with all the best interest rates for financing or Tesla so don’t check it out patreon link Down Below in the but.

If you’re just joining in welcome Tesla just dropped the price or increased the price of the model 3 and model Y in certain markets in the China Market little baby increases like $200 to $300.

Is the $7,500 tax credit going away?

But what’s different with this is that they employed a different strategy they kind of gave us a preview that there was going to be price increases and then.

They increased the price two days EV tax credit later or really it was like a rumor then the rumor was confirmed by Tesla and then they increased.

  • The price a few days later but definitely some pretty interesting stuff JoJo is there any markup or discounts buying the Tesla the dealer versus online no.
  • It’s really kind of all the same but EV tax credit the dealer at the store or the Associates at the Tesla store might be able to see inventory that we might not be able to see online..

So that’s why I’ve always recommended going into the store because and it’s also a face to a person to a name that maybe has more motivation to try and get.

Is Tesla eligible for $7,500 tax credit?

You to place in order or take delivery but of course if you’re going to a store don’t forget to bring your Tesla referral code with you because they will not remind you to use.

EV tax credit
Is Tesla eligible for $7,500 tax credit?

A Tesla referral code EV tax credit so you can save that extra $250 off plus 3 months of full self-driving just like the Tesla referral code Down Below.

In the description Kyle how much do you recommend annual income is to afford a model 3 pretty big question I would say usually to get approval for auto financing.

  • You want to make one to one so if you’re buying a $50,000 car you should make $50,000 but really that’s that’s kind of tight uh in terms terms of affording it but it depends like.
  • If you drive for work and you spend a lot of money on gas or you’re driving all over the place like an Uber driver or whatever commercial type of thing.

Then I would say a Tesla is 100% worth it even if you’ve got a stretch to purchase it because you’re actually using.

Can EV tax credit carry over next year?

The vehicle as a Workhorse but uh if you’re just buying it if you don’t use your vehicle at all and you just want something to sit in your driveway.

EV tax credit
Can EV tax credit carry over next year?

Then it’s certainly going to be a little bit tough to justify it but I would say about 120% of the MSRP of the vehicle so if it’s like a 50k of car.

Then I would say maybe like 65 to 70k just to be have some tight wig room really double actually before someone tries to Flame me for recommending too.

Low DZ is the 7,500 off the MSRP pre-tax and fees or is it off the out the door price that’s a great question.

We’re still un Shore exactly on it I would assume well it’s going to be vehicle priceus 7,500 and then I would assume taxes are hit on that but.

It could be maybe vehicle price plus taxes and fees and then minus 7,500 but either at the end of day it’s going to be a minus 7,500 we just don’t know if it’s going to be before tax or after tax but.

We’ll see shortly in the New Year Warren thanks for coming in what happened with the lease $289 you know if someone had that lease payment.

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