Commercial Tax Credit Experiences? How-To? - Self Employed S-Corps/LLC's etc

[Nurkbonis]

Did anyone actually get the commercial clean vehicle tax credit to apply to their 2024 foundation cybertruck?

I filed my taxes and claimed the commercial clean vehicle tax credit but the IRS tells me the VIN “doesn’t match.”

Research tells me I need form 15400 from Tesla but after being on the phone with Tesla Sales, they tell me that 2024 Cybertrucks are not eligible for ANY incentives even the commercial clean vehicle tax credit despite it meeting all guidelines… Uncle Sam has given me lien 2 weeks to pay up.

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[mongo]

Did anyone actually get the commercial clean vehicle tax credit to apply to their 2024 foundation cybertruck?

I filed my taxes and claimed the commercial clean vehicle tax credit but the IRS tells me the VIN “doesn’t match.”

Research tells me I need form 15400 from Tesla but after being on the phone with Tesla Sales, they tell me that 2024 Cybertrucks are not eligible for ANY incentives even the commercial clean vehicle tax credit despite it meeting all guidelines… Uncle Sam has given me lien 2 weeks to pay up.

Yes, I and others have.
If they are requesting 15400, then the 8936bwas filled out wrong. You should gave part V filled out for the 45W Commercial credit, not part II.
Key point of confusion is that you should answer no to the new clean vehicle question (Schedule A section 5) because that is referring to the 30D New Clean Vehicle Credit, not whether the vehicle was clean and new (super confusing, I know)

 

[Nurkbonis]

Thanks. This is a good starting point. Sounds like I don’t need form 154000… is that correct?

Yes, I and others have.
If they are requesting 15400, then the 8936bwas filled out wrong. You should gave part V filled out for the 45W Commercial credit, not part II.
Key point of confusion is that you should answer no to the new clean vehicle question (Schedule A section 5) because that is referring to the 30D New Clean Vehicle Credit, not whether the vehicle was clean and new (super confusing, I know)

 

[mongo]

Thanks. This is a good starting point. Sounds like I don’t need form 154000… is that correct?

Right, that form proves Tesla (as dealer) ran the vehicle through the portal at sale along with your tax ID. That doesn't apply to commercial credit which Tesla (as manufacturer) bulk submitted.

 

[HelligeGall]

I set mine up as an S-Corp last year and it made the tax credit process way smoother. If you’re still figuring out how to register your business properly, https://www.yourcompanyformations.co.uk/ was super useful for getting everything sorted quickly. Their process made it easier to focus on getting the vehicle and handling the IRS forms without stressing over setups or missing details.

 

[hemiarch]

Yes.

I don’t think it matters if it’s a pass through tax entity. I am NOT however a finance/tax professional so don’t take my advice.

 

[mongo]

I don’t think it matters if it’s a pass through tax entity. I am NOT however a finance/tax professional so don’t take my advice.

It doesn't. I received the credit as self-employed/ sole proprietor, no LLC.

 

[Error48Teapot]

It sounds like you're dealing with an interesting question regarding the commercial tax credit through your S-Corp. The paperwork and processes involved can definitely be a bit confusing, especially when it comes to payments and the title process. Using the commercial tax credit for an S-Corp can be beneficial as it allows you to take advantage of tax deductions for business-related expenses. If you’re looking for a bit of relaxation after dealing with all the paperwork, https://casinosanalyzer.com/online-casinos might be an interesting option. The site provides detailed reviews of online casinos, helping you choose trustworthy and secure platforms, offering a great way to unwind after a long day of managing your business and taxes.

 

[mongo]

Yeah, you can go the commercial credit route, just means the business has to be the actual buyer. So invoice, title and insurance all in the company name. Financing usually ends up being a commercial auto loan, not personal.

As for the CT – from what I’ve heard, it still qualifies under the commercial credit, but honestly just double-check with your accountant so you don’t get burned later. The IRS loves to be picky.

The law is actually very permissive. Any business use makes it eligible.

https://www.irs.gov/newsroom/topic-...out-qualified-commercial-clean-vehicle-credit

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