Claiming US $7500 credit paperwork

[PetroK]

Folks, are here people who signed binding orders before 08/16/22, got car later and already filed tax return? I'm curious about form 8936, there is line for vehicle placed in service date. What we are supposed to put there date of binding order or date when it was delivered? If we put date when it was delivered, how IRS will know I had binding order earlier?

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[Tooney]

See transition rule, line 3, draft form 8936 instructions, once those instructions are formally issued.

 

[JustWatching]

saw the same thing as @Tooney posted but the new form is in fact published on the IRS site.

TurboTax people (you decide if that is enough) state you only need to keep proof of the contract , assume in case of audit, but no need to file anything.

https://ttlc.intuit.com/community/tax-law-changes/discussion/ev-tax-credit-changes/00/2775632

 

[PetroK]

Thanks folks !!

 

[dstepin92]

Did my stuff with TurboTax this year, was the in same boat as you @PetroK. TurboTax delegates you enter 08/15 as the date of the car being put into service. I think what tge really really murky part of this whole thing is what constitutes as law binding contract. Minimal deposits, Rivian and other companies thought $100 is enough, etc. Previous IRS info states 5% deposit, non refundable deposits, etc, but now they completely removed all language regarding the 5% part or deposits and just left in law-binding contarct and I think there's like a myriad of ways to interpret legally what that entails so... I think it's just all murky. Just retain your document for your intent on vehicle purchase and agreement on said purchase that dates to before 08/15 and I think the rest is probably going to be okay (I'm not a tax professional nor CPA). I got Audit Defense this year specifically for this case if in the worst case I have to deal with any of this later; doubtful, but you never know. My 2c.

 

[PetroK]

Did my stuff with TurboTax this year, was the in same boat as you @PetroK. TurboTax delegates you enter 08/15 as the date of the car being put into service. I think what tge really really murky part of this whole thing is what constitutes as law binding contract. Minimal deposits, Rivian and other companies thought $100 is enough, etc. Previous IRS info states 5% deposit, non refundable deposits, etc, but now they completely removed all language regarding the 5% part or deposits and just left in law-binding contarct and I think there's like a myriad of ways to interpret legally what that entails so... I think it's just all murky. Just retain your document for your intent on vehicle purchase and agreement on said purchase that dates to before 08/15 and I think the rest is probably going to be okay (I'm not a tax professional nor CPA). I got Audit Defense this year specifically for this case if in the worst case I have to deal with any of this later; doubtful, but you never know. My 2c.

Totally agree with you. I know that extra details, was really just not sure on "Date placed in service", that why asked for advice.

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