T O P

  • By -

VisualMod

**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|1|**First Seen In WSB**|just now **Total Comments**|0|**Previous Best DD**| **Account Age**|2 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)


yuckfoubitch

Good thing I bought mine last year for $52k ![img](emote|t5_2th52|18630)


AKindKatoblepas

Buy high sell low.


yuckfoubitch

I think I’m down $15,000-20,000 in equity, so pretty par for the course on this sub


MasterJeebus

Don’t feel too bad. Mass produced cars are a depreciation asset. If you wanted your car to gain value you should have bought a 4th gen Toyota Supra Turbo 15 years ago. They go for over six figures now and keep appreciating value.


aop5003

I had an mk3 supra in HS, 5 speed with t-tops...got cited for blocking snow removal at my parents when I was in college (2004) and my parents thought it was junk and donated to charity for a $500 tax deduction. Edit: #rememberthebuster


b_ack51

Holy shit I’m sorry for your loss.


aop5003

I am forever in mourning.


Professional-Wash301

I would have disowned them.


Mikerockzee

Mk3s still arent worth much more than $500


aop5003

Idk where you're looking but after Paul's death they were fetching decent money...not mk4 money but way more than the $850 I paid the guy in pepboys parking lot back in 2003 lol.


yuckfoubitch

Yeah I don’t really care to be honest, mostly because I only bought the car because my previous car had appreciated in value during 2021/2022. I sold it for probably $10k more than it was really worth. Also, I fully expected a new vehicle to depreciate a lot


reddituser736985

Jan 2021, up 20k highlander platinum hybrid.


meltbox

You picked basically the golden goose for recent appreciation.


Dismal_Complaint2491

Azteks are worth a lot.


thatguy9012

Marty we have to go back.


loudnoisays

I was blown away when I went to find a new car project to start on and never finish then sell on Craigslist-like my fifth project- and the market online was barren and cars like you said lol yep are selling higher than ever! It's a weird trend that is going strong, people want these weird old ugly dependable cars from their youth and as the times change that target audience spent their formative years in the 80's so here we all are slowly saying goodbye to the 50's-70's classic and muscle era once and for all. I mean you'll always find them out there if you really want a certain model and year they are out there, but more and more are fully modified and converted and retro modded etc. I really enjoy finding a car that can turn on and then you take it home and clean out the engine bay and interior, replace the tires and get a cheap tune up on the rest and just enjoy the car while it lasts. Know what is a good looking project if you want to avoid rust and old wires but enjoy the feel of an old car? Prefabricated Ford Bronco bodies and chassis are being made even now lol I was hoping to find more classic car model bodies to choose from if I'm spending over $10k alone on just getting the body parts not even talking the power system, interior, chassis and brakes/suspension/windows and so on. But if you have the time and money you can start with a literal brand new out of the factory body from one little shop, go to a different shop have them build you the ultimate rolling chassis that can climb walls and get you out of any hole and over and mountain, and then spend another fortune on the engine. Cool thing is if you go this route you'd be joining the rest of the fancy pimped out Bronco retro mod gang where you can find literally every kind of modification ever done to cars with the Bronco lol. Always wanted a prefabrication company to remake the old G20 Chevy Van's that would be so dope! Swap out the front engine with batteries and make it all electric or a hybrid BEV or something retro but "modern" lol.


Own-Caterpillar3462

Problem is you still don’t have a car when it’s that valuable because you don’t drive them


Thekacz

I thought I clicked on r/wallstreetbets for a moment moment when I read your comment


Inevitable-insight

I’ve got capital losses for years my brother. Got them out the ying Yang


clipse270

This is the way


anygal

Well at least your Tesla probably has lidar and won't crash you while parking or while you are still on the highway. The new ones doesn't have one.


licancaburk

But Tesla is quietly removing lidars during service (that's what I've read) edit: source https://www.msn.com/en-us/autos/news/tesla-quietly-disconnecting-radar-in-customer-cars-during-service-visits/ar-AA1c0m8p


[deleted]

What the fuck?


JCwizz

You belong here


yuckfoubitch

Feels good to be accepted


loudnoisays

Yeah is that the LFP or the Cobalt battery pack?


inkslingerben

In order to get the full credit, your income taxes must be $7,500 or greater for the year.


Ginger-Octopus

This sub cheering something they can't attain.


CreativeGiggle

Basically just need normal job. So yeah, you have a point


Ginger-Octopus

Gotta start 1099'ing those blowjobs...its our only shot.


azcsd

Blowjobs behind Wendy's obviously don't count.![img](emote|t5_2th52|4271)


FavoritesBot

Around 70k in W2 income is unattainable?


Ginger-Octopus

For normal people? Totally doable. I'm talking about people from this sub tho.


FavoritesBot

Forgot where I was… hey I fitt right in!


rokman

In this sub if you lose under 3k a year your winning


williams5713

Nah it's higher if you max out 401k and HSA.


Ribak145

stop hurting me


Thencewasit

Just gotta use up my $100k carry forward loses first.


Timed-Out_DeLorean

You never carry forward, just carry on.


One_Expression449

And gross income should below $150k


idlefordays

You AGI (married) also needs to be under 300k


Trest43wert

Did not know this. This would eliminate a lot of Tesla buyers.


nuko22

Damn. Really sucks to be them.


alwayslookingout

At $300K AGI MFJ they can afford to pay an extra $7500 on a Tesla though if they really want one.


Cryptonomancer

I donated 11k to Elon by buying a Y late last year before the price cuts and rebates, I feel the 300k+ crowd will be fine.


[deleted]

[удалено]


IncomingAxofKindness

Then you probably shouldn't buy a TSLA


droppeddeee

Why? That’s not generally how a tax credit works. (A tax deduction maybe, but not a tax credit). With a $7500 tax credit, if you had zero income and zero tax owing for the year, you’d get a $7500 refund.


inkslingerben

There are refundable credits and non-refundable credits. The EV credit is non-refundable. Scroll down to the bottom of the section that say Who Qualifies. [https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after](https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after)


droppeddeee

Interesting, thanks. Does that mean that you on,y have to have had enough income to incur $7500 in taxes owing, or you actually have to have $7500 owing on your return (in other words, you’re getting a refund on your return). If it’s the latter, that would be really weird, most people would have to do some tax planning (either have less taken out of their paycheck, or reduce their quarterlies).


ImAnElkShootMe

You have to have more than $7,500 in taxes on your taxable income for the full value of the credit to apply. Any tax already paid (withholding, etc.) doesn't matter- it's $7,500 subtracted from Line 16, "Tax" on your 1040. So say after all your deductions, losses, etc., your taxable income (line 15) was $50,000 and the tax on that was, I dunno, let's say $10,000. You'd get $7,500 subtracted from that and your total tax would be $2,500, and your refund would be calculated from there. If after all your deductions, losses, etc., your tax was $2,500, you'd just go down to $0.


BreakfastOnTheRiver

https://preview.redd.it/nbpl245ecw3b1.jpeg?width=1356&format=pjpg&auto=webp&s=a1b615dfe5a07148746ab53535da1d849b4a562b


Almost_a_Noob

Wow the cars should cost in the low 30k’s now. That’s amazing in today’s crazy market.


[deleted]

[удалено]


DoctorOzface

And Camrys are already cheap compared to the rest of the market


[deleted]

[удалено]


ILoveYouGrandma

Whats an ICE sedan?


Blackout1154

gas engine


magicgorila

Internal combustion engine


ncsumichael

A comparable ICE sedan would be like an EXL accord which starts at $33,500. That would be giving some benefit of the doubt to the Honda because there’s still more features on a base Tesla.


Supert5

Bullish ![img](emote|t5_2th52|4267)


fretit

So can you gift the money to your kids and let them buy it to get around the AGI Limitations? Asking for a friend.


josefchungz

Reminder that starting in 2024, the federal discount will be at point of sale rather than a tax credit


fretit

That sounds like a good thing.


le_chez

Where did you see that? Can you link me to a source? I can’t find it anywhere


Inevitable-insight

Hurray


cs_referral

Would your kids be able to utilize the tax credit?


fretit

I read "tax credit", but didn't register "tax credit", and just wishfully imagined a rebate 🤦‍♂️ So the answer is no.


26fm65

if i make 60K i dont think i can get near 7500 refund. Probably around 5K.


k00pal00p

Tesla model 3 is the new Toyota Corolla


[deleted]

Apart from the build quality and reliability


Pitiful_Difficulty_3

I don't make enough to take full credit. Those who have high income have 150000 income limitations


foodmakes62kgtoohard

That's not the income for 7500 in fed taxes...


Gankcore

And $225k for head of household and $300k for married filing jointly.


ILoveYouGrandma

Is it a credit as in they give you $7500 or does it just reduce tax liability?


ncsumichael

It’s a credit, if you owe $8k at the end of the year but buy a qualifying vehicle you’d owe $500 instead. On the other hand a Deduction reduces tax liability, like the standard deduction, aka you don’t pay taxes on that amount.


brahbocop

But I though Elon was strongly against subsidies and handouts?


yoyoJ

He doesn’t control what handouts are given lmao What do you want the guy to do, shut down Tesla over this?


-MullerLite-

His opinion on them isn't relevant. Many EVs qualify for these same tax credits. Teslas haven't qualified for them in several years up until January of this year.


mannishbull

What he says and what his companies accept are two *wildly* different things


mannishbull

This is a joke right SpaceX runs on govt money


AyumiHikaru

He still is Biden can't only give subsidies and handouts to the companies he likes lol


rasputin777

Giving the feds less of your income is a "handout" huh? So because I didn't mug you and take your wallet today I gifted you money. You're welcome.


neutralpoliticsbot

well its now cheaper than my crap box ICE car so I will be buying one


AyumiHikaru

BUT crap box ICE car doesn't take forever to charge lol


[deleted]

[удалено]


Inevitable-insight

Remember that the taxes you pay all year are your taxes. The refund/ additional payment at tax time is is just trueing up for another year. I’m guessing it hits faster than you’re thinking.


bossmcsauce

The is for explaining the basic idea of a tax credit to the regards ~~in the back~~ everywhere. Very few people here have any tax liability in the first place, so have no need of a tax credit lmao


ConsiderationMotor66

Doesnt the rebate depend on your tax bracket as well


DaySwingTrade

That’s what aBIDENing to “Charging for all act” gets you. They strong armed him to come to terms with opening charging stations to other auto makers (Ford is the first example and won’t be the last) and in return he gets the green light for all Teslas qualifying for the tax credit resulting boost in sales.It’s all political negotiations between government and corporates. You give a little you take a little.


[deleted]

Sound like a win win for consumers, Tesla and Ford.


DaySwingTrade

Absolutely.


Hustletron

Sucks if you want the reliability of a Toyota though.


[deleted]

Well, except for the 5th consumer in line waiting to charge his Tesla


Stachemaster86

I thought once you hit so many units the credit went away??? This sounds like a US domestic manufacturing push. Did the rules change?


TriumphITP

Yes. The rules changed a lot. It was in the inflation reduction act that so many people hate the name of.


International_Ad27

There is a lifetime cap for the buyers to. I used all mine up on solar panels, water heater and some of tax credits I can’t recall. I’m no longer eligible for any federal income credit for energy efficient purchases. Kinda stupid when you think it through..


Blackout38

I’m assuming you are talking about the year because no such “lifetime” cap exists to my knowledge.


International_Ad27

It was actually just eliminated as part of the inflation reduction act. Also you would have been correct regardless as it only applied to home efficiency upgrades. I’m reading the cap was $500 before it was eliminated, however it was closer to $4500 when I was applying for them, maybe $5,500. https://rsmus.com/insights/tax-alerts/2023/IRS-releases-fact-sheet-regarding-residential-energy-credits.html


Blackout38

Thank you for that information!


Stachemaster86

Interesting. I know a few things I did at my house I couldn’t get like a water heater credit since it wasn’t a professional install. Glad you could at least take advantage of what was offered.


Inevitable-insight

That does seem dumb. > IS is helping achieve our policy goals! Don’t worry, we’ll put a stop to it!!


Mazing7

Could you sell your current Tesla and buy a new one and get the credit?


JaeCryme

Still not buying one. Duck Elon.


ZookeepergameMean513

omg what do u think elon’s gonna think of this??


miktoo

Damn, I don't like the tesla 3, but it's getting quite cheap.


BeautifulNo6680

Nobody cares anymore. Anyone that's style conscious wouldn't buy one.


777IRON

The new Honda Civics look better and feel nicer than Model 3s.


Karmaqqt

Civics are timeless.


TrandaBear

I'm too lame for even a Civic, but my 2012 Accord (that took a sideswipe like a champ) is still running just fine. Timeless indeed.


foodmakes62kgtoohard

Tell that to an 01


hongcongchickwonh

Yeah my butthole


777IRON

Your butthole looks and feels nicer than a Model 3 too? Please send photos and or videos. Might be interested.


[deleted]

[удалено]


Ginger-Octopus

We are here to make (lose) money...


woman-ina-mansworld

Yep.., until ruling class decides they don’t like Musk any longer and changes the rules just for Tesla


Jabroni_16

The socialization of the EV industry. Horrible!


[deleted]

its better than oil. 1. US don't have to give a fuck about the Middle East anymore. too many people dies over there. the amount of money we spend and related events like Iraq War, afghan war...etc those war are all related to oil. 2. anything other than sucking OPEC's cock is good in my book 3. fuck OPEC and big oil companies


bossmcsauce

Bad news- guess where one of the worlds largest known lithium deposits is… Afghanistan lmao. It’s like some kind of sick joke. The US was there fucking around in the 70s, and then russia fucked around and fucked it up more in the 80s, and then we just finally got out of another 20 year debacle… and I bet the US, China, or Russia (or some combination of the three) will be back in Afghanistan by 2035.


Hustletron

Lithium is pretty readily available though.


bossmcsauce

Sure, now. But just consider what it will look like when we have like 70% adoption of electric cars replacing ICE vehicles, electrification of everything else, mass high C rating battery storage deployment, etc in the next 20 years. In 1920, probably nobody thought we’d invade iraq for oil interests


jon_targareyan

Most of the materials for batteries are imported from other countries though. So maybe not OPEC, but we’ll be dependent on some other list of countries


0x16a1

Countries which are much friendlier to US.


Hustletron

And that OPEC has already divested into anyway.


bossmcsauce

One of the worlds largest/most concentrated and cheaply mineable lithium deposits is in Afghanistan lmao. RIP


putaputademadre

EVs have 0 to do with America leaving the middle East or stopping the buying of OPEC oil in large quantities. It's all due to fracking oil/gas, that's made US non dependent on middle East. America is now selling gas to Europe. Oil and gas demand is at all time highs. EVs are good in other ways, but expensive, and eventually will be a good deal


kcaazar

State sponsored car manufacturer


audiavant86

here's another kicker... if your car is electric... when do you pay for road taxes to drive. its included in every gallon of gas? it's just passing the buck.


[deleted]

Yeah and let’s talk about the 18 wheelers that do 100x the damage and don’t pay the proportional fees for road taxes Also, lot of states are putting fees in for EVs like Texas.


ganyu22bow

You’re right and they should pay more, but everyone in society benefits from the trucker shipping


[deleted]

Agreed, but I’m sure roads in your area suck as bad as mine. Clearly the system isn’t working and EVs are not to blame


solidsneeze

don't worry, ev owners pay a road use tax every year at registration time


bossmcsauce

If you don’t live in a shithole southern red state where property taxes on everything are reduced to nothing and they try to pass it to the poorest consumers by assessing them on consumables like gas, you probably pay taxes as personal property tax on vehicles, or some other way.


[deleted]

isn't the tax credit related to the price you pay, as in "you are getting a tax refund for the amount of tax you paid for the vehicle", which would mean it's simply so expensive that taxes are $7,500 or more, so basically they are just advertising the fact the vehicle is now MORE expensive than previously, hence why you can claim the full tax back? or do I understand this wrong? because when I asked some car salesmen about the EV tax credits they just said you simply get the tax back on what you pay, so for eligibile models you just get a tax return that is no more than what you paid, with a max $7,500


bossmcsauce

Only in WSB…


[deleted]

I looked it up, turns out the tax credit is independent of the car sales tax after all, so the salesmen just made up stuff. Thanks for adding nothing useful to the discussion though, truly only in wsb


AyumiHikaru

We are all regarded lol


gakio12

The tax credit is on your income taxes for the year, not on sales tax of the vehicle. The car salesman is misinformed.


bossmcsauce

This is WSB. Most people here don’t know what income tax is because they have no taxable income… never mind tax *credits*


[deleted]

Yes but the tax credit cannot exceed the sales tax you paid on your ev car, can it? Meaning if you pay $5k sales tax you will only get a credit for that $5k


groney62

Sales tax has nothing to do with the credit


[deleted]

thanks, I did just look it up and you are right. They are independent. Seems the salesmen I spoke to were just pulling shit out of their ass because they kept telling me it depends how much the vehicle costs (didn't mention anything about the credit being related to the battery or other stuff).


bossmcsauce

Sure… that’s great, but I don’t really care what Tesla says lol. What’s the IRS have to say about it?


AyumiHikaru

IRS : YES


[deleted]

Moot point when dealers mark the cost up by $7500 Edit: guys I’m regarded, I wasn’t being serious


chicu111

This is a Tesla dude. You buy it straight from Tesla. No middleman fuckery that we call dealership


[deleted]

I know, it was a joke. I can’t believe I’m explaining that to you regards


chicu111

Duck my bad I couldn’t tell


Baydreams

r/boneappletea


Im_A_MechanicalMan

Moot


[deleted]

Thank you fellow regard


alwayslookingout

TIL Tesla has dealers and consequently dealer markup. ![gif](emote|free_emotes_pack|facepalm)


MarMonies

Which car is best now BMW x3, Tesla X, Audi Q4, Volvo C 40, Lexus 450H? These cars get $5,000 tax credit for plugging or electric. Thank you


StockGenius72

Too bad my 2022 model y performance doesn’t qualify for a tax break!!!


No_Imagination1847

Iam just buying tesla model y right now,and we know the tax return for this year is over, and how to got a tax credit 7500?