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Awesome!
Saved you a click to a shitty ad ridden website: “Today, on 1st January 2025, the US Environmental Protection Agency (EPA) updated its website to include new hybrid and electric vehicles for this year’s tax eligibility. Interestingly, when you select the year 2025 and Tesla as the manufacturer, the page shows Cybertruck as qualified for the $7,500 Federal Tax Credit. Just a day before (31st Dec 2024), the EPA website did not show Cybertruck as qualified for this tax break.”
Wait. Isn't the $7,500 tax credit over as of Jan 1?
no
Okay. But as of January 21st then, right?
If you own your own business and buy it for that business you can do a section 179 tax write off and that is a much bigger tax deduction. https://www.lawinc.com/tesla-cybertruck-weight-tax-savings
Government is glacial.. it may take some time
No one will 100% know until action is taken and then some type of timeline is provided regarding how long it'll take to get approved, when it'll take effect, what changes would be in the bill, etc.
The incoming president has said he will get rid of it, but he also says lots of things many of which don’t end up happening. To truly remove the credit would require Congress to pass new legislation, then the president to sign it. Potentially the president could just make the IRS update the rules to try to make it harder to qualify. Hard to say what will happen, but there’s no official action yet to remove it.
So technically buying CT for a business would get me back around 18k + 7.5k on taxes?
The Republicans could also pass the change via budget reconciliation which would negate the ability of Democrats to slow or stop them gutting the green initiatives. Hopefully level heads will realize it has been a good thing for our economy and necessary for other manufacturers to get products off the ground and to economies of scale. Yanking the ladder up like this only sets the precedent that the US government is unreliable towards investments in New technology, thus hampering the further development of EVs and other technology investments from both domestic and foreign entities.
Sec 179 isn’t as good of a deal as most people think it is though. It’s nice but it’s just a deferral of taxes. If you end up selling your CT for $50k, you’ll have to recapture that depreciation and report that as $50k of income. You also have to log your miles and use the vehicle at least 50% for business each year you own it or you’ll similarly have to recapture that depreciation as income.
I was going over my paperwork with a cpa last week and it looks like I’ll have about 30k to pay back for 2024. To not be in the same situation for 2025, I really want to buy a vehicle for my business. Looking at some of the numbers, if I were to do that, I could probably get away from paying as much taxes and with ev credit I’d be getting money back. The vehicle would be used for business 50%+ of the time and I could probably keep it for 2-3 years before selling. No idea what’s a the best way to approach this and not pay the govt as much. I’d rather drive a CT or X instead of throwing money at IRS.
These deals are explosive!
I want it in France 🥹🥹🥹
Sec 179 isn’t a bad thing to do — you just have to be aware you owe taxes when you sell the vehicle and it is recaptured. The bigger (potential) opportunity is probably claiming the 30% credit for the truck as a home battery backup system, although that would require a proper install of the other equipment and is also a bit of a gray area on how the IRS will interpret those rules as they relate to battery backup systems that aren’t physically connected to a home at all times. Obviously don’t trust someone in the internet and talk to your CPA about stuff like that, but you can find people discussing that tax strategy in the CT Owners Forum.
Got ‘em
Only if you’re effectively unemployed. Most Tesla owners are disqualified several times over.
Not sure what you mean. The income cutoff is 150k if you are single and 300k if married for the tax credit.
Buying a $100k truck while making less than that isn't really smart. I don't qualify so I bought a Plaid.
I just had my trust fund withhold some income this year to qualify. It'll pay it back next year.
Wow! The home battery backup is a genius idea. I’m going to do some research on this. I have access to an electrician in my family so proper installation shouldn’t be a problem. They’ve already installed level 2 charging at home for my M3.
They dual and single will only qualify because they aren't 100k
too soon. 🤣
The vehicle purchase has to have an ordinary and necessary business purpose to qualify for business deductions such as Sec 179 depreciation. You also have to use it for qualified business travel. Personal use will reduce the tax deductibility and if you do not use the vehicle more than 50% business use each year, then you will have to recapture all the Sec 179 deductions previously taken.
It has to be less than 80k to qualify. And that’s reasonable for 200k+ income
>And that’s reasonable for 200k+ income Reading the personal finance sub all the time, I'm guessing lots of people think that's reasonable on a $100K income lol.
But 200k doesn't qualify...
It does it you are married
When are they coming out with the single motor RWD version?
Interesting that this basically confirms that Tesla wants to produce the single motor this year
Well that's good to hear now if I win the lottery maybe I can afford to get that tax credit I'm glad that you finally made Tesla's affordable for American people I did want one just can't afford to be green I guess it is kind of upsetting
So you put your business name on the side of the vehicle and anytime you're driving it it's advertising for the company yes or no
No. Travel needs to be for a documentable business purpose. I did ask my CPA about driving a CT downtown and parking it in a high volume location where the sole purpose was for advertising and he said it was a gray area and that might work (presumably driving through high volume areas solely for advertising might be the same), but you can’t just convert all personal travel to business travel because there’s a logo on the truck.
Holy run-on sentence, batman
batman can do whatever he wants!
Who is buying a $72k truck that’s making under 150k? That truck over 5 years is $1400 a month not counting sales tax or insurance
Ud be surprised
Has anyone actually received the consumer tax credit when buying the cybertruck?
I believe the tax credit goes to the manufacturer, and you don't even deal with it at all. I know someone who got a EV recently. Basically the government gives you a discount on the car, unless it's different now from a year or two ago
Ha. Isn't that interesting? Cutting all these rebates, but tesla gets one? Hmm, not shady at all
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