Treasury Updates Vehicle Classification Standard for Clean Vehicle Tax Credits Under Inflation Reduction Act

[Count Orlok]

Treasury Updates Vehicle Classification Standard for Clean Vehicle Tax Credits Under Inflation Reduction Act




Manufacturers and Models for New Qualified Clean Vehicles Purchased in 2023 or After

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[Count Orlok]

media spin: administration expands EV tax credits in boost for Tesla, Cadillac, others

 

[Count Orlok]

what is very weird... the IRS doesn't list the Cybertruck in Tesla's list of vehicles. strange.

 

[zefram47]

Queue Tesla Model Y and Ford Mach-E price increases (after previously dropping them to comply with former categorization).

 

[mkg3]

what is very weird... the IRS doesn't list the Cybertruck in Tesla's list of vehicles. strange.

Looks like they only list current vehicles in production.

 

[Sgt Beavis]

what is very weird... the IRS doesn't list the Cybertruck in Tesla's list of vehicles. strange.

They don't list vehicles that don't exist.

 

[Count Orlok]

They don't list vehicles that don't exist.

but..but... people have posted pictures of an active assembly line...

 

[Chiqaine]

Rivian needs to allow us to pay for our wheel upgrades separately to keep the MSRPs under $80k!

EDIT: Nevermind, if someone is spending $80k on a new vehicle, they're probably bumping up against the new AGI caps anyway. Damn it.

 

[opnwide]

…and as I read it, even if you have the early August ‘22 signed Rivian binding purchase agreement but don’t put vehicle into service/take delivery until 2023, the new AGI income limits will apply when calculating your 2023 returns. Any CPA’s here care to opine?

 

[Tango45]

what is very weird... the IRS doesn't list the Cybertruck in Tesla's list of vehicles. strange.

We're working on it, right now we're still getting through the specs for the Millennium Falcon as that's liable to be in production first.

 

[sub]

…and as I read it, even if you have the early August ‘22 signed Rivian binding purchase agreement but don’t put vehicle into service/take delivery until 2023, the new AGI income limits will apply when calculating your 2023 returns. Any CPA’s here care to opine?

Not a CPA, but my interpretation of the new law is that if you want the old credit for a 2023 delivery you would file an extension or amendment for your 2022 taxes and then file to claim the credit for 2022 tax year after you take delivery.

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

The vehicle is treated as having been placed in service in August 2022. So it would go on your 2022 taxes.

 

[quartz]

Rivian needs to allow us to pay for our wheel upgrades separately to keep the MSRPs under $80k!

EDIT: Nevermind, if someone is spending $80k on a new vehicle, they're probably bumping up against the new AGI caps anyway. Damn it.

Depending on situation you can easily qualify. Having an unemployed spouse or being a retiree living off investments are two big examples.

 

[Honey]

Rivian needs to allow us to pay for our wheel upgrades separately to keep the MSRPs under $80k!

EDIT: Nevermind, if someone is spending $80k on a new vehicle, they're probably bumping up against the new AGI caps anyway. Damn it.

Not me, I am just a government employee and saved money from my deployment 2 years ago.

 

[Chiqaine]

Not me, I am just a government employee and saved money from my deployment 2 years ago.

Awesome! Glad some people are able to still benefit and support a US EV manufacturer other than Tesla.

 

[SANZC02]

Not a CPA, but my interpretation of the new law is that if you want the old credit for a 2023 delivery you would file an extension or amendment for your 2022 taxes and then file to claim the credit for 2022 tax year after you take delivery.



The vehicle is treated as having been placed in service in August 2022. So it would go on your 2022 taxes.

I don’t think so, seems like everything I am reading means the vehicle has to be put in service prior to 1/1/2023. I have not seen anything in the latest guidance notes released that states otherwise.

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