flyct
Well-known member
- First Name
- Jerry
- Joined
- Sep 28, 2023
- Threads
- 32
- Messages
- 754
- Reaction score
- 881
- Location
- South Florida
- Vehicles
- 2024 Ford Lightning Platinum 2024 F-450 Platinum & 2-2023 Tesla Model Ys
- Occupation
- Blissfully Retired
- Thread starter
- #1
My friend bought a Cadillac Lyriq last year. He bought the Lyriq shortly after he had a windfall by selling a business with a 3 million dollar capital gain.
After he told me he bought the Lyriq I asked him if got the $7,500 tax credit at point of sale. He told me that the dealer told him he wouldn't qualify because his 2024 income was well above the allowable. I informed him that since he didn't make more than $300k MAGI in the prior tax year, 2023, he wound still quality. I told him to have the dealer register the VIN with the IRS and get a Form 15400 form them.
Well after going round and round with the dealership for weeks they finally registered the sale and gave him the Form 15400
Fast forward to this week:
Over the weekend he told me that he visited his CPA this week to finalize his 2024 tax return and pay the IRS. He said I was wrong about the tax credit and the CPA informed he didn't qualify. The CPA told him the rules had changed for 2024 and the income limit was $120k and the AGI must be below that figure in 2024 for a vehicle purchased in 2024 and they cannot use the prior year MAGI to qualify. Well telling me I was wrong really pissed me off.
Today he called me with his CPA and then 3-way called me. The CPA insisted he didn't qualify for the EV tax credit since he bought it in 2024 and only the MAGI for tax year 2024 is used as a qualifier. I politely told him he was WRONG. He started to argue with me . I then asked him for his email address and sent him a link to the IRS page https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after I also told him to review IRS Form 8936 and 8936 schedule A.
Well after he looked at the IRS link I sent him he went silent for a minute or 2. Then he said he would have to check with his partner and get back my friend.
This evening my friend called me and said the CPA modified the personal return and he got the tax credit. He proudly said the CPA is inexpensive and only charged him $1,600 to do his personal return and his complex business return. I told him his being cheap CPA almost cost him $7,500. Cheap doesn't always save you money in the end.
After he told me he bought the Lyriq I asked him if got the $7,500 tax credit at point of sale. He told me that the dealer told him he wouldn't qualify because his 2024 income was well above the allowable. I informed him that since he didn't make more than $300k MAGI in the prior tax year, 2023, he wound still quality. I told him to have the dealer register the VIN with the IRS and get a Form 15400 form them.
Well after going round and round with the dealership for weeks they finally registered the sale and gave him the Form 15400
Fast forward to this week:
Over the weekend he told me that he visited his CPA this week to finalize his 2024 tax return and pay the IRS. He said I was wrong about the tax credit and the CPA informed he didn't qualify. The CPA told him the rules had changed for 2024 and the income limit was $120k and the AGI must be below that figure in 2024 for a vehicle purchased in 2024 and they cannot use the prior year MAGI to qualify. Well telling me I was wrong really pissed me off.
Today he called me with his CPA and then 3-way called me. The CPA insisted he didn't qualify for the EV tax credit since he bought it in 2024 and only the MAGI for tax year 2024 is used as a qualifier. I politely told him he was WRONG. He started to argue with me . I then asked him for his email address and sent him a link to the IRS page https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after I also told him to review IRS Form 8936 and 8936 schedule A.
Well after he looked at the IRS link I sent him he went silent for a minute or 2. Then he said he would have to check with his partner and get back my friend.
This evening my friend called me and said the CPA modified the personal return and he got the tax credit. He proudly said the CPA is inexpensive and only charged him $1,600 to do his personal return and his complex business return. I told him his being cheap CPA almost cost him $7,500. Cheap doesn't always save you money in the end.
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