EV title transfer

[resengan24]

Hello all,

I will be buying a tesla model Y and will be claiming the $7500 tax credit before this year ends. I also plan to transfer the title of the car to my family member early spring. Does anyone know if there is a minimum wait time before I can transfer the title? I just wanted to make sure there wont be any issues with me claiming the tax credit and then transferring the title later to my family member (they won't be claiming the credit to be clear).  If it helps, I am located in California

Thank you!

[Critter-3 · Accepted solution]

Wait time = the time it takes the ink to dry  on the title. 

What you may need to file is a gift tax return if the value of the gifted car is more than $17K.  Or if you sell it at a profit you will have to report the sale in the income tax return.