Anyone do a BuyBack in 2024? - Tax Credit Question

[mags]

I initiated the buyback process for my '23 Lightning Pro which has been out of service since April 3 waiting for a heater module. I bought it in January 2024 an the point of sale tax credit was deducted from the price.
My question is, if ford offers a refund, will the credit be included? In other words, is it treated as a cash down payment, and therefore refunded?
If nobody knows, I will post a thread as soon as I hear back from Ford.
I am anxious to get this resolved so I can buy another Lightning!

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[RickLightning]

You keep the tax credit. Ford cannot deduct it, since YOU got the tax credit, not them.

 

[VAF84]

Ditto. I'm in the middle of it now; just need to decide on taking the cash or replacing with a similar priced F150. It's not even factored into the payout sum on the calculations sheet.

 

[Gozinta]

I am interested to see how the buyback turns out. I've been waiting for the PTC heater since 4/24. Three weeks later than you, so that does not bode well. No ETA has been given yet. I've got a 2022, 3k miles from the limit.

 

[mags]

I am interested to see how the buyback turns out. I've been waiting for the PTC heater since 4/24. Three weeks later than you, so that does not bode well. No ETA has been given yet. I've got a 2022, 3k miles from the limit.

I’m in Maine which has a buyer friendly lemon law. I even spoke to a facilitator from the Maine AG office on the phone to discuss my options. Hopefully I can get a fair deal from Ford without having to take it through arbitration.

 

[KurtsRPMGarage]

I had my pro bought back a couple weeks ago here in California. Whole process took about 2 months. The federal tax credit was not deducted from my payback. For me the value was based on what I paid minus a mileage penalty. The mileage penalty is based on the first time I took it in for warranty work, not what it had on the clock.

I took the money and bought a 2023 XLT ER a few days later for a killer deal.

 

[Vcrpromo]

I initiated the buyback process for my '23 Lightning Pro which has been out of service since April 3 waiting for a heater module. I bought it in January 2024 an the point of sale tax credit was deducted from the price.
My question is, if ford offers a refund, will the credit be included? In other words, is it treated as a cash down payment, and therefore refunded?
If nobody knows, I will post a thread as soon as I hear back from Ford.
I am anxious to get this resolved so I can buy another Lightning!

I just got my ford lightening xlt 0ne month ago and they said it qualified for the 7500 tax credit but I have not received any paperwork from anyone, is there anything I should do?

 

[mags]

I just got my ford lightening xlt 0ne month ago and they said it qualified for the 7500 tax credit but I have not received any paperwork from anyone, is there anything I should do?

A couple days ago there was a (hilarious) thread about this very subject. The answer is yes, your dealer needs to provide you with a report that verifies they told the IRS about the sale. Since the rules are new for 2024 nobody knows what the IRS will do if you file for the refund without the report.

it’s kind of funny how some dealers are so lazy/old school/incompetent they can’t read the IRS website and follow the very well documented steps to handle this.

edit: I should add that the report is required whether the $7500 is deducted by the dealer (as a down payment) or you file for the rebate with your taxes.

 

[mrau]

@Vcrpromo ...The dealer should provide you with IRS Form 15400.

Attached is a sample copy.

 

[DesertEV]

I just got my ford lightening xlt 0ne month ago and they said it qualified for the 7500 tax credit but I have not received any paperwork from anyone, is there anything I should do?

@TaxmanHog can you help?

 

[Vcrpromo]

@Vcrpromo ...The dealer should provide you with IRS Form 15400.

Attached is a sample copy.

Thank you very much I called the dealership and nobody seems to know anything about that but are going to check.

 

[flyct]

Last year I bought 2 EVs that qualified for the tax credit. A Tesla and a Lightning. I got to reduce my tax Liability by $15,000 last year when I filed my return.

As reporting has changed slightly since you can now claim it at point of sale, it is still the responsibility of the dealer to report to the IRS regardless of the way it is claimed.

Tesla gave me a completed 15400 at the beginning of 2024.
Ford Dealer gave me a Ford Form Seller report 30D at time of sale.

Feel free to use it to educate your dealership.

See attached are both with my PII, Personal Identifiable Information, redacted

 

[DesertEV]

Thank you very much I called the dealership and nobody seems to know anything about that but are going to check.

Yes, a lot of dealerships don’t know the process of processing the time of sale report. This site explains what they need to do: https://schneiderdowns.com/our-thou...d-energy-credits-online-registration-payment/

Some dealers are good with applying the $7,500 upfront in the deal as long as you qualify and some say they are not (which is ridiculous but then you can take the $7,500 credit for 2024. The big thing is dealer has to fill out that time of sale on the online portal or you may not get credit.

 

[Vcrpromo]

Yes, a lot of dealerships don’t know the process of processing the time of sale report. This site explains what they need to do: https://schneiderdowns.com/our-thou...d-energy-credits-online-registration-payment/

Some dealers are good with applying the $7,500 upfront in the deal as long as you qualify and some say they are not (which is ridiculous but then you can take the $7,500 credit for 2024. The big thing is dealer has to fill out that time of sale on the online portal or you may not get credit.

Ok my friend thanks for the info I will go to the dealership first thing Wednesday morning.

 

[TaxmanHog]

Ok my friend thanks for the info I will go to the dealership first thing Wednesday morning.

Good luck looks like you have plenty of good advice noted above, sorry I was out of loop today.

Today was our 30th wedding anniversary, today's dinner turned into a trip to the ER, we just got home, all is well for the moment.

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