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Ev tax rebate

I am planning on buying a Tesla and am wondering if I can still get the 7500 tax rebate if I qualify for the rebate but have my dad who is a co-signer with me who dissent qualify for the rebate becuase the income is more. If we are both on the title can I still get the rebate?
thankyou  

5 Replies

Ev tax rebate

The credit can be taken by only you even if you are both on the title ... the return only needs the VIN.

Ev tax rebate

@Omeezy3126 - the credit is to be for YOUR own use.  Who is using this car? you or your parent? 

 

if you are both on the title, the credit is only valid for the person using the car. 

 

see link below. 

 

https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after

Ev tax rebate

I’m going to be driving the car but he is the co signer I qualify for the rebate but my dad is over am I still able to qualify for the rebate since it’s my car 

Ev tax rebate

@Omeezy3126 - the loan has nothing to do with this....

 

did you read the IRS link? it is quite clear. 

 

Who Qualifies

You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032.

The credit is available to individuals and their businesses.

To qualify, you must:

  • Buy it for your own use,

 

You have to meet all the qualifications and note that the maximum credit you actually get is the LOWER OF $7500 or Line 22 of Form 1040 prior to the credit being applied.  (the line number will be the same in 2023 as they were in 2022)

 

example: before applying the credit, Line 22 is $3000.  Then the maximum EV credit is $3,000 as it is the lower of $3000 and $7500 

Ev tax rebate

You must be the buyer, buying the car for personal use.  It sounds like you qualify.  Having a co-signer or co-buyer doesn’t disqualify you.   

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