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Tesla Model 3

KMACK
Level 4

Does a 2020 Telsa Model 3, purchased used in July of 2022 qualify for any federal tax credits?  My client seems to think so, but I can not find any where that says it does qualify.

Thanks

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qbteachmt
Level 15
12 Comments 12
Just-Lisa-Now-
Level 15
Level 15

Tesla ran out of credit money back in 2021, I dont think theres anything for 2022, but I see some models are coming back with credits for those purchased in 2023.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Camp1040
Level 10

If he bought in 2023 it would qualify. 

qbteachmt
Level 15

You might want to bookmark for your needs.

2023:

https://www.irs.gov/credits-deductions/manufacturers-and-models-for-new-qualified-clean-vehicles-pur...

2022:

https://www.irs.gov/credits-deductions/manufacturers-and-models-for-new-qualified-clean-vehicles-pur...

 

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Camp1040
Level 10

Yup, Tesla did not make the list of Qualified USED vehicles.

 

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HOPE2
Level 8

WHOEVER BUYS TESLA AS OF 1/1/2023 TILL 3/31/2023 CAN TAKE NONREFUDABLE CREDIT FOR THIS.

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kwthetaxguy
Level 2

So, everything I have read indicates that a 2022 Model 3 Rear-Wheel drive is not eligible for any amount of credits based on the fact that Tesla used all of their credits in 2021 - is that correct? I wish people would just answer the questions in this forum instead of posting links to IRS websites. I've read through the rules, I just want to make sure we're all coming to the same conclusion. 

You know the ol' adage, ask 10 accountants about their interpretation of the tax law, and you'll receive 10 different answers. 

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TaxGuyBill
Level 15

@kwthetaxguy wrote:

I wish people would just answer the questions in this forum instead of posting links to IRS websites.

You know the ol' adage, ask 10 accountants about their interpretation of the tax law, and you'll receive 10 different answers. 


 

So you would rather have 10 different opinions, rather than an answer from the IRS?

abctax55
Level 15

@kwthetaxguy 

 "I wish people would just answer the questions in this forum"

Well, one does get what one pays for.  

"*******Tax software is no substitute for a professional tax preparer*******
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kwthetaxguy
Level 2

Here's the answer I think most are looking for - a fact sheet from the IRS and Treasury 

https://www.irs.gov/newsroom/topic-c-frequently-asked-questions-about-when-the-new-requirements-appl...

 

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abctax55
Level 15

Wait... I'm confused.  Didn't you just do what you said you didn't like others doing ????

(posting a link to the IRS)

"*******Tax software is no substitute for a professional tax preparer*******
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qbteachmt
Level 15

"I wish people would just answer the questions in this forum instead of posting links to IRS websites. I've read through the rules, I just want to make sure we're all coming to the same conclusion."

We are not a lookup service for peer users. If we can look it up, so can the person asking. It's "give a man a fish, or teach a man to fish."

And are you aware of how many times these rules are changing, sometimes more than once in a month, and the rules even have specific dates for a transition point that falls in the same tax year for whether it applies or not, and what applies, or doesn't.

It's not our name signed off on your client's prepared tax return.

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kwthetaxguy
Level 2

A simple "thank you" will suffice, tax pros. 

You're welcome. 

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