2024 Tax credit question

[Unemployed]

I know I could just ask an accountant but figured it is more fun to ask this forum.

So in 2024 the EV tax credit will be a point of sale discount, right!?

Say you buy a CT in 2024 (not FS but one that actually qualifies, yes I know that’s unlikely to happen in 2024, but one can dream)

So is eligibility for this EV tax credit based on the income brackets the YEAR you buy the vehicle or the PREVIOUS year returns?

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[derichio02]

Subbed because I have the same question

 

[dandor]

Here is a quote that answers your question. It is based on 2024 income and they will give the credit to you if you ask. However, you might have to pay it all back if you don't qualify.

" It’s also important to note that car dealers won’t analyze consumers’ income to determine if they qualify for an EV credit, according to the Treasury proposal. Buyers must self-attest their eligibility — and making a mistake could mean paying back the credit’s full value to the IRS at tax time. "

 

[Unemployed]

Thanks!

 

[Unemployed]

If you are financing a portion of the vehicle I guess it makes sense to say “Yes” that you qualify.
Yeah you may end up needing to pay it back come April 15th but at least your not paying interest on the $7500.

 

[Love2Cyber]

If you are financing a portion of the vehicle I guess it makes sense to say “Yes” that you qualify.
Yeah you may end up needing to pay it back come April 15th but at least your not paying interest on the $7500.

Either the year of purchase or previous years income, whichever is lower

 

[CyberGus]

https://www.irs.gov/credits-deductions/used-clean-vehicle-credit

 

[tenetke]

https://www.irs.gov/credits-deductions/used-clean-vehicle-credit

Those apply for used vehicles.

If you’re buying a new CT here’s info:

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

 

[Rutrow]

Buyers must self-attest their eligibility — and making a mistake could mean paying back the credit’s full value to the IRS at tax time. "

The vehicle buyer can choose to transfer the credit to the dealer and take the cash at the Point of Sale (PoS), or have the credit applied to the down payment. The vehicle seller (dealer) will take the buyer's Tax ID # (ex. Social Security Number) and the vehicle information and enter it into the "IRS Energy Credits Online Portal" to see if the buyer is likely to qualify. The dealer MUST transfer the entire amount of the credit to the buyer (no shenanigans ?) then file to receive the buyers credit themselves.

The Portal tells the dealer whether the credit can be transferred. The buyer doesn't have to "attest".

 

[Cybergirl]

Do we know for sure that the AWD Foundation Series Cybertrunk will NOT qualify for the $7500 EV rebate next year? My order agreement lists:
Cybertruck All-Wheel Drive.........$79,990. And separately
Foundation Series.......................$20,000.

 

[dandor]

Do we know for sure that the AWD Foundation Series Cybertrunk will NOT qualify for the $7500 EV rebate next year? My order agreement lists:
Cybertruck All-Wheel Drive.........$79,990. And separately
Foundation Series.......................$20,000.

It won't qualify since accessories are physically attached to the car. Once things like upgraded tires and even bottle openers are part of the vehicle it adds value above $79,900. If all of the options were things like Powershare and FSD, the truck would qualify.

 

[Cybergirl]

It won't qualify since accessories are physically attached to the car. Once things like upgraded tires and even bottle openers are part of the vehicle it adds value above $79,900. If all of the options were things like Powershare and FSD, the truck would qualify.

Thanks. I asked Grok and got this response:

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