2024 Tax Credit success?

[user736255282]

I’m own a 2024 Cybertruck AWD. The $80k plus $20k foundation one.

Anyone tried submitting their truck for the tax credit yet? It’s now eligible but I’m getting mixed signals. I’m going to e-file.

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[Pialot]

I’m debating on trying that as well any seriously implications afterwards?!

 

[Gigahorse]

Don't believe any 2024 Cybertrucks qualify for the personal $7,500 tax credit. Only the post Jan 9th 2025 models that were under $80,000

Your truck likely does not qualify.
1. It is a 2024
2.The purchase price was over $80,000

 

[JUSTICEQD]

Don't believe any 2024 Cybertrucks qualify for the personal $7,500 tax credit. Only the post Jan 9th 2025 models that were under $80,000

Your truck likely does not qualify.
1. It is a 2024
2.The purchase price was over $80,000

And income limits.

 

[Gaximus]

You can always try and just get denied, I tried with a used model S, for a state refund, because their documentation wasn’t clear that it had a be a new vehicle. It just got denied and they fixed my return.

 

[mongo]

I’m own a 2024 Cybertruck AWD. The $80k plus $20k foundation one.

Anyone tried submitting their truck for the tax credit yet? It’s now eligible but I’m getting mixed signals. I’m going to e-file.

The 2024s were never eligible in 2024, nor any year after that.
The few delivered in 2023 were, if under $80k MSRP.
https://fueleconomy.gov/feg/tax2023.shtml

 

[cybercricket]

There is still a way to claim a deduction for the battery portion of the truck if used for powering the home. Just need to know what is the cost of the battery and onboard charger/inverter in the 2024 trucks to accurately claim a deduction. Also got to make sure one has it setup correctly to power the house and is available for such purpose most of the time. In other words don't try to claim that if you live in an apartment

https://www.irs.gov/credits-deductions/residential-clean-energy-credit

If somebody has contacts at any of the Tesla Service Centers, would be great to get a quote for a "battery and inverter/charger replacement."

 

[MICyber]

I’m own a 2024 Cybertruck AWD. The $80k plus $20k foundation one.

Anyone tried submitting their truck for the tax credit yet? It’s now eligible but I’m getting mixed signals. I’m going to e-file.

If you purchased it as a business asset using section 179 you could have taken a special deduction of 60% of the full purchase 99,990 + sales tax + destination. Far better than $7500!

 

[Gigahorse]

If you purchased it as a business asset using section 179 you could have taken a special deduction of 60% of the full purchase 99,990 + sales tax + destination. Far better than $7500!

179 for 100% in year 1 due to the enclosed cargo area.

 

[MICyber]

179 for 100% in year 1 due to the enclosed cargo area.

The way that reads is SUV's are capped at $28,900 but vehicles with or without a bed cap and have a bed 6' or more that's not readily accessible from the passenger compartment that limit does not apply. Also, if you don't use the full amount it carries over to subsequent years. You can't get back more than you put in.

 

[The Tumbler]

And income limits.

the only way around this is to title the truck in a business name (s corp in my case) No income limits and no price limit…

https://www.tesla.com/support/incentives

 

[voxel]

The 2024s were never eligible in 2024, nor any year after that.
The few delivered in 2023 were, if under $80k MSRP.
https://fueleconomy.gov/feg/tax2023.shtml

This. There's even a drop down selector that shows you which models are eligible.

No CT bought in 2024 was eligible for the consumer $7500 tax credit.

 

[mongo]

If you purchased it as a business asset using section 179 you could have taken a special deduction of 60% of the full purchase 99,990 + sales tax + destination. Far better than $7500!

179 for 100% in year 1 due to the enclosed cargo area.

In which case you need to watch out for recapture if business use drops below 50% during the recovery period.

 

[cybercricket]

I don't see any indication that the OP is asking in the context of the business tax credit as opposed to personal.

 

[192.168.1.1]

179 for 100% in year 1 due to the enclosed cargo area.

Can you provide the link to this? I am all 1099 and I would like to send this to my tax accountant.

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