Breaking: 2025 AWD Cybertruck now officially qualifies for $7500 federal tax credit

[Macgreiner]

Most of you are married. It doubles to 150k. I'm caught in the the middle income

It is 300 for married

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[TownBiz]

From the app….

 

[Cyber Man]

I ordered mine. Used Veterans and referral code discounts and got it for $70,500. Pretty happy with that price.

This is the smartest way to buy the Cybertruck. I’m sure you are going to love it! I’m very happy for you! ?

 

[ehua329]

You can still apply for credit when you do 2025 taxes. I think your good.

Just go to dealer and ask them to enter your VIN into their dealer IRS portal - this step records your VIN to IRS so by the time you file the form IRS find the match. As long as it is a qualified 2025 model car, this IRS registration step should be retrospective. You will get your 7500 as credit when you file your 2025 return in early 2026. Good luck.

 

[mongo]

You can still apply for credit when you do 2025 taxes. I think your good.

No, that was only the case in 2023.

Just go to dealer and ask them to enter your VIN into their dealer IRS portal - this step records your VIN to IRS so by the time you file the form IRS find the match. As long as it is a qualified 2025 model car, this IRS registration step should be retrospective. You will get your 7500 as credit when you file your 2025 return in early 2026. Good luck.

Not from 2024 onward, the transaction must be run through the portal at time of sake/delivery.

Q11. How will a seller provide these reports to the IRS? (updated April 16, 2024)
A11. For vehicle sales occurring in calendar year 2023, sellers were required to file reports with the IRS by Feb. 15, 2024.
For vehicle sales occurring in calendar year 2024 and later, sellers must file reports within 3 days of the time of sale through IRS Energy Credits Online. For further details see Revenue Procedure 2022-42, Revenue Procedure 2023-33, and Revenue Procedure 2024-12.

Q30. Is every new and previously owned clean vehicle sale required to be reported even if the buyer chooses not to transfer the credit? (added July 26, 2024)
A30. Yes, dealers of new clean vehicles and previously owned clean vehicles must meet the seller reporting requirements for those vehicles to be eligible for a credit under sections 30D and 25E. For eligible clean vehicles placed in service on or after January 1, 2024, the dealer must submit all reports through IRS Energy Credits Online within 3 calendar days of the date of sale. The dealer must also provide the buyer with a copy of the accepted seller report submitted to IRS Energy Credits Online within 3 calendar days of the date of submission. Commercial clean vehicle transactions do not need to be reported to IRS Energy Credits Online.

https://www.irs.gov/pub/taxpros/fs-2024-26.pdf

 

[Lasttoy]

Print out form 8936. Read instructions

 

[vandytom]

Incorrect. The amount of misleading info you post here is astonishing. I'm surprised the mods haven't banned you yet.

The taxpayer’s modified adjusted gross income for either the current or prior year must be $300,000 or less for joint filers and surviving spouses, $225,000 or less for head of household filers, or $150,000 or less for other filers.

Single filers can have an adjusted gross income of up to $150,000, it doubles to $300,000 for married filers.

Always go to the source for your info:

New and Used Clean Vehicle Tax Credits | Department of Energy

Damn so that OP is sabotaging us? I thought what he said was insane. Mod should take action.

 

[mongo]

Print out form 8936. Read instructions

What's your point?

 

[scottf200]

This is great news for Cybertruck sales!

Who knows how long this will last though. The Trump administration is generally anti EV and they have talked about eliminating EV tax subsidies. Hopefully Mr. Musk will have some clout in this area.

For several reasons then this may be just a short end of quarter burst in sales. How many people were really needing the $7500 tax break to push them over the edge? Guessing many have lost patience and purchased already - FOMO and all.

 

[koolio]

For several reasons then this may be just a short end of quarter burst in sales. How many people were really needing the $7500 tax break to push them over the edge? Guessing many have lost patience and purchased already - FOMO and all.

Personally, I was waiting for the $7500 POS credit...but what sold me to purchase in December was free FSD transfer (I paid $8k for it in 2020) and the $2k loyalty discount.

So, if I waited until now, I would have spent an extra $1500 (+$500 for FSD and the loss of $1k bc loyalty credit dropped from $2k to $1k).

One thing I'm curious to know is: what if your AGI is higher than the thresholds, you get the POS credit, then you file your taxes? What happens since the credit was already applied to the purchase? Does the IRS add it to your taxes owed?

 

[mongo]

One thing I'm curious to know is: what if your AGI is higher than the thresholds, you get the POS credit, then you file your taxes? What happens since the credit was already applied to the purchase? Does the IRS add it to your taxes owed?

If your MAGI is over the threshold for the year you take delivery and the previous year, then your tax due when you file goes up by the credit amount.

 

[koolio]

If your MAGI is over the threshold for the year you take delivery and the previous year, then your tax due when you file goes up by the credit amount.

Oh, they factor in the previous year...that's really good to know. Thanks!!

 

[Cyberspeed130]

Yes. They don't qualify.

Any idea why 2024 won’t qualify? Is the battery tech different than 2025? I believe the 2024/2025 use the 4680 batteries from Austin, TX, so both should qualify no?

 

[mongo]

Any idea why 2024 won’t qualify? Is the battery tech different than 2025? I believe the 2024/2025 use the 4680 batteries from Austin, TX, so both should qualify no?

The 4680s Austin was making used cathodes from China which, starting in 2024, made the vehicle ineligible for the Clean Vehicle Credit.
They have likely switched to Tesla cathodes which they were testing last year.

 

[WormtownKris]

Any idea why 2024 won’t qualify? Is the battery tech different than 2025? I believe the 2024/2025 use the 4680 batteries from Austin, TX, so both should qualify no?

It is believed to be China-sourced cathodes in the batteries. At some point they theoretically made a running change to domestic sourcing. But whether that change happened near the end of the 2024 run, or sometime early in the 2025 run does not matter. Until Tesla submitted the paperwork to get the truck approved for the rebate, and unless Tesla did/does the paperwork for it on your purchase, the truck is not eligible.

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