EV credit denied ?

[Redhot2474]

My accountant just called me. The VIN isn’t being accepted when entering. I had a binding contract in june , and took delivery dec 31. Last I noted, people who had binding contract before inflation reduction act were grandfathered. Anyone able to get the credit or care to elaborate?

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[outie]

I am confused. What is not accepting your VIN?
Are you talking about DOT VIN decoder website to check final assembly plant etc.? Just tell your accountant it qualifies as you have binding contract?

 

[Redhot2474]

I am confused. What is not accepting your VIN?
Are you talking about DOT VIN decoder website to check final assembly plant etc.? Just tell your accountant it qualifies as you have binding contract?

His accounting system , whatever that is…once he puts in VIN it rejects it , it accepts TESLA VIN as he just submitted another clients VIN

 

[outie]

Yea I don't know what is "rejecting" it. The IRS form only asks that you enter the VIN of the vehicle...

 

[Redhot2474]

I also just read on irs website

• Sellers are required to report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit.

I’m going to call my dealer tomorrow to make sure they submitted my info

 

[outie]

That requirement is likely for 2023 EV credit and beyond. I'd think you fall in the old rule.

 

[Redhot2474]

That requirement is likely for 2023 EV credit and beyond. I'd think you fall in the old rule.

Even though my VIN is being rejected I’m bypassing the accounting system and taking it. I have all my documentation and ive read everything on IRS website , it’s owed to me based on “transition rule”

 

[ThePaddyWan]

I had a similar conversation with my accounting for a Rivian pre-order. His understanding is that even if you still haven't taken delivery of a vehicle, 2022 tax returns can be amended for the tax credit once you do.

However, to fall under the old rebate transition rules, the Binding Agreement must meet all the guidelines (signed before August 16, contain language for substantial / non-refundable deposit and obligation to buy a specific vehicle). The binding agreement (between myself and Rivian) I had does look to qualify, though, other clients only had dealer deposit agreements in place that did not.

The key is definitely the contents of the signed contract.

 

[Redhot2474]

I had a similar conversation with my accounting for a Rivian pre-order. His understanding is that even if you still haven't taken delivery of a vehicle, 2022 tax returns can be amended for the tax credit once you do.

However, to fall under the old rebate transition rules, the Binding Agreement must meet all the guidelines (signed before August 16, contain language for substantial / non-refundable deposit and obligation to buy a specific vehicle). The binding agreement (between myself and Rivian) I had does look to qualify, though, other clients only had dealer deposit agreements in place that did not.

The key is definitely the contents of the signed contract.

Exactly , thx for feedback

 

[whitex]

The current administration managed to make a simple and clear EV incentive credit into a paperwork nightmare motivated by political causes way more than just incentivizing EV adoption. The rules are changing again on April 18th by the way.

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