08-10-2022, 11:55 PM | #111 | |
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08-11-2022, 12:25 AM | #112 | |
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The pre-order $250 was an option for a place in line. My $5000 secured the order and allowed me to configure my Fisker Pcean One. Binding contract was July 5. For my I4, my term sheet with credit pull and finance options with down payment information is dated March 2. That's when we agreed on price, interest rate and down payment..
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08-11-2022, 03:52 AM | #113 | ||
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08-11-2022, 08:10 AM | #114 |
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If that is when you agreed on price it likely would suffice although the deposit may be the sticking point. Can always plead ignorance at the audit.
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08-11-2022, 08:53 AM | #115 |
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I’ve seen some language around the final assembly in the US going into effect immediately. If so, does the binding contract with the transition language still apply? Trying to determine how much time to spend on this with the dealer.
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08-11-2022, 08:59 AM | #116 |
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That's the big question, Fisker seems to think so, but I think most of us are in a very grey area for BMW. I'm strongly considering backup options because half my negotiation to get this BEV was based on that the $7,500 credit. Personally I think the IRS is unlikely to look too deeply into this, but that's a gamble everyone will have to debate.
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08-11-2022, 09:00 AM | #117 |
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That is correct, it goes into effect at enactment which likely will be this weekend. The transition rule is for vehicles purchased/contracted prior to enactment and delivered after.
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08-11-2022, 09:02 AM | #118 | |
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08-11-2022, 09:14 AM | #119 |
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You're not wrong, but Janet Yellen has said that her expectation is the rate of audits for middle-class filers (under $400K) will not change. I expect IRS will issue guidance on the transition to the new credit rules once the law is in place. Unfortunately, many of us will be forced to make a financial decision without that guidance.
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08-11-2022, 09:16 AM | #120 |
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Disagree 100%. They aren't going to he hiring an army of lawyers. They are going to hire a bunch of folks in the $15 to $25 an hour range. My guess is if they even care they will add an additional set of questions to form 8936 so filers are able to enter the date of order. And if by chance some automated system spits out an issue for an individual they may assess the 7500 as owed back and ask for proof of order date. It's all speculation at this point, but the reason for the additional agents has little to do with the EV credit extension. In the future the credit will mostly come directly from dealers as up front discounts.
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08-11-2022, 09:24 AM | #121 | |
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08-11-2022, 09:25 AM | #122 | |
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I would focus more on the former scenario as that's possibly a bad faith claiming a credit you don't qualify for while for most of us it's a question of did our order prior to the bill count as binding to the degree we should be grandfathered in. If someone believes their BEV should qualify they are more likely to have their CPA's legal support defend the tax position which would cost the IRS more as well. Of course it's all conjecture and I personally am risk adverse, but am waiting to see if there is any guidance that helps settle the question better. It's one of those time's I wish my CPA specialty was tax and not auditing. |
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08-11-2022, 09:48 AM | #123 |
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With the income limits kicking in on Jan 1, 2023 it won't matter a bit if my cars (Fisker or BMW) aren't delivered by then.
Single filers $150k for married $300k. Once again they have found a way to stick it to states where the income is high just because employers have to pay that much so folks can live. There goes $15k in tax credit. The SALT cap at $10k was another claw back.
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08-11-2022, 09:55 AM | #124 | |
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08-11-2022, 10:38 AM | #125 |
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That is correct. That is the point of having the binding contract.
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08-11-2022, 01:05 PM | #126 | |
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It's all moot either I'll get it or I won't. Discussing it won't change that. I'm doubting delivery of any car by end of 2022.
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08-11-2022, 01:36 PM | #127 |
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BUT -
Don't both parties have to sign that agreement? And I would think that if the dealer is signing it as well, then they are obligated to give you a car... Which I can understand at this point they may not be terribly willing to sign a contract stating they're going to give you one, until they have the car on their lot. Otherwise, are they not taking a chance that the car will get to their hands at all? Dunno. This is why I let my accountant do my taxes. I can't stand when they overcomplicate BS like this. I would have liked to see them incentivize all EVs, maybe at half the amount, and then maybe give the American manufactured EVs the full incentive. |
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08-11-2022, 01:46 PM | #128 | |
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Which means that the order will be treated under the current law terms, not under the new law (income limits, US built, battery materials from US, tax credit is applicable at purchase, etc). |
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08-11-2022, 02:13 PM | #129 | |
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08-11-2022, 02:16 PM | #130 | |
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TRANSITION RULE.—Solely for purposes of the application of section 30D of the Internal Revenue Code of 1986, in the case of a taxpayer that— (1) after December 31, 2021, and before the date of enactment of this Act, purchased, or entered into a written binding contract to purchase, a new qualified plug-in electric drive motor vehicle (as defined in section 30D(d)(1) of the Internal Revenue Code of 1986, as in effect on the day before the date of enactment of this Act), and (2) placed such vehicle in service on or after the date of enactment of this Act, such taxpayer may elect (at such time, and in such form and manner, as the Secretary of the Treasury, or the Secretary’s delegate, may prescribe) to treat such vehicle as having been placed in service on the day before the date of enactment of this Act.
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08-11-2022, 02:33 PM | #131 | |
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I downloaded and read the information. As long as there is a contract. I'll say that in California dealers will comply with the state law first and I would assume the IRS will have some leeway to determine compliance in the state you live in. You need the VIN to file, bit it does not say that the contract needs to include a VIN. So I'm now confident for the Fisker Credit since we entered I to a really binding contract in July for a Fisker Ocean One. I have asked my CA for a contract stating I have 2 days from notification to close the deal on my car or else they can sell it to anyone. He hasn't responded. I have my credit application approval, term sheet and VIR. From March 2, 2021. I also have an email chain supporting the docs. We shall see.
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08-11-2022, 08:12 PM | #132 | |
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