If you are over the income limits (150/300k) of the new bill and haven't gotten your truck....

[Tyler Durden]

I remain convinced that for the F150L the "old" credit applies to anyone taking delivery in 2022.

IANAL, I am not a tax accountant. But I do my own (complicated) taxes and consider myself minimally clever enough to have done a semi-deep dive on the new bill, which basically says tl/dr:

"All these new rules don't take effect until 1/1/2023. UNLESS. Your vehicle was produced outside North America, then some take effect immediately, or here's an out if you have a binding sales contract..."

Everything after the "UNLESS" doesn't apply to the F150L.

Yes, lots of confusion (perhaps including me), I think a lot of the press & auto blogs are getting this thing wrong, please do your own DD. Best of luck to all.

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[Simpso57]

I remain convinced that for the F150L the "old" credit applies to anyone taking delivery in 2022.

IANAL, I am not a tax accountant. But I do my own (complicated) taxes and consider myself minimally clever enough to have done a semi-deep dive on the new bill, which basically says tl/dr:

"All these new rules don't take effect until 1/1/2023. UNLESS. Your vehicle was produced outside North America, then some take effect immediately, or here's an out if you have a binding sales contract..."

Everything after the "UNLESS" doesn't apply to the F150L.

Yes, lots of confusion (perhaps including me), I think a lot of the press & auto blogs are getting this thing wrong, please do your own DD. Best of luck to all.

I don't think that is true. What language in the bill are you referencing? There are a few rules that don't take affect until later, but those rules pertain to part sourcing. Go read the transition rule around page 402....

 

[SteelTerp87]

Brilliant. I will also claim the truck as part of my home solar / battery system. 30% off + $7500 back.

How long do we need the truck to be immobile on blocks to qualify ?

We should just claim these truck as dependents while we are at it. They require sustenance (electricity), shelter, and we have to bathe them.

 

[bryan995]

I remain convinced that for the F150L the "old" credit applies to anyone taking delivery in 2022.

IANAL, I am not a tax accountant. But I do my own (complicated) taxes and consider myself minimally clever enough to have done a semi-deep dive on the new bill, which basically says tl/dr:

"All these new rules don't take effect until 1/1/2023. UNLESS. Your vehicle was produced outside North America, then some take effect immediately, or here's an out if you have a binding sales contract..."

Everything after the "UNLESS" doesn't apply to the F150L.

Yes, lots of confusion (perhaps including me), I think a lot of the press & auto blogs are getting this thing wrong, please do your own DD. Best of luck to all.

Agreed. I think we are in the clear.

Where do you stand on the ability to claim the home battery storage credit?

And I saw a recent comment about the ability to claim as a dependent. Child Tax Credit? Does it actually specify that "children" must be human?

 

[vandy1981]

It also is ambigious as far as whether or not I can double claim since my truck will be part of my solar system.

I doubt that's compliant with current code. Even if it is, you would probably need to assess a value for the energy storage part of the truck and >75% of the stored energy would have to be sourced from your PV panels.

 

[merek]

I remain convinced that for the F150L the "old" credit applies to anyone taking delivery in 2022.

IANAL, I am not a tax accountant. But I do my own (complicated) taxes and consider myself minimally clever enough to have done a semi-deep dive on the new bill, which basically says tl/dr:

"All these new rules don't take effect until 1/1/2023. UNLESS. Your vehicle was produced outside North America, then some take effect immediately, or here's an out if you have a binding sales contract..."

Everything after the "UNLESS" doesn't apply to the F150L.

Yes, lots of confusion (perhaps including me), I think a lot of the press & auto blogs are getting this thing wrong, please do your own DD. Best of luck to all.

Its weird because its changing an existing law. It's really confusing but I intend to write it off this year regardless if I get a signed agreement or not, as long as I take delivery by Jan 1.

 

[HJP]

Been stressing way too much over this topic. Likely can get by on income limits but price of the truck is another question. Truck has an MSRP with destination of over 80k but under without. Can't seem to locate what the Federal IRS believes the MSRP to be (looked at some states, like Massachusetts, that has a definition online that specifically excludes destination charges)?

My truck is currently listed in transit. So assuming it gets here in the indicated time frame (1-2 weeks) it may be days past the law signature date and cost me another 7500 bucks (effectively)? That would suck to put mildly.

 

[Simpso57]

Hate to add fuel to this fire, but if you live in CA it is illegal for dealers to make deposits non-refundable thanks to our Car Buyer’s Bill of Rights. Ugh.

 

[greenne]

Been stressing way too much over this topic. Likely can get by on income limits but price of the truck is another question. Truck has an MSRP with destination of over 80k but under without. Can't seem to locate what the Federal IRS believes the MSRP to be (looked at some states, like Massachusetts, that has a definition online that specifically excludes destination charges)?

My truck is currently listed in transit. So assuming it gets here in the indicated time frame (1-2 weeks) it may be days past the law signature date and cost me another 7500 bucks (effectively)? That would suck to put mildly.

Its not going to impact you. You already have an order on the books. MSRP limits don't come into play until Jan 1 2023.

 

[greenne]

Its weird because its changing an existing law. It's really confusing but I intend to write it off this year regardless if I get a signed agreement or not, as long as I take delivery by Jan 1.

I'm going to write it off under the old rules unless someone specifically instructs me I can't. If the IRS wants to audit..it would would be a terrible waste of their time.

 

[Pioneer74]

My Lariat ER has an MSRP $94 over the $80k limit because Ford raised D&D $100. I'm thinking of stopping by the dealership and having them write up a non-refundable deposit receipt to ease my mind, but in all honesty I don't think it will be a problem.

 

[rdr854]

My Lariat ER has an MSRP $94 over the $80k limit because Ford raised D&D $100. I'm thinking of stopping by the dealership and having them write up a non-refundable deposit receipt to ease my mind, but in all honesty I don't think it will be a problem.

I thought that I read somewhere that the $100 increase in D&D was price protected if you had your order in prior to the increase. Did I get that wrong?

 

[Simpso57]

Its not going to impact you. You already have an order on the books. MSRP limits don't come into play until Jan 1 2023.

Per the terms from Ford, our orders are not sufficient under the current terms of the Bill. Also, the MSRP requirements kick in when the Bill is signed except for the "Transition" section I cited earlier (and other inapplicable sections). Unless you can cite to actual portions of the Bill that state otherwise, that is the law.

 

[hturnerfamily]

I remain convinced that for the F150L the "old" credit applies to anyone taking delivery in 2022.

IANAL, I am not a tax accountant. But I do my own (complicated) taxes and consider myself minimally clever enough to have done a semi-deep dive on the new bill, which basically says tl/dr:

"All these new rules don't take effect until 1/1/2023. UNLESS. Your vehicle was produced outside North America, then some take effect immediately, or here's an out if you have a binding sales contract..."

Everything after the "UNLESS" doesn't apply to the F150L.

Yes, lots of confusion (perhaps including me), I think a lot of the press & auto blogs are getting this thing wrong, please do your own DD. Best of luck to all.

yes, agreed, there is no 'pull back' of the current tax credit simply because a 'new' tax bill is almost in play - it STARTS Jan 1.

 

[Pioneer74]

I thought that I read somewhere that the $100 increase in D&D was price protected if you had your order in prior to the increase. Did I get that wrong?

I ordered after the increase. I wasn't able to order until June.

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