No tax credit for Rivian (effective April 18, 2023)

[indy360]

If I signed the purchase agreement last week but won't take delivery until next week, does the purchase count as before April 18th or after?

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[sillyME]

If I signed the purchase agreement last week but won't take delivery until next week, does the purchase count as before April 18th or after?

Same concern, I wanna know if I finish signing the purchase contacts in my 8-Step today, am I locked in for the date of purchase of April 17th?

 

[Zoidz]

The IRS has been so screwy with these rule changes I wouldn't be surprised if they changed within another week.

And is it incompetence or political wranglers that is causing this flip flop crap by the IRS? Probably both....

 

[Donald Stanfield]

Only warning I can add here is that if you are expected to owe taxes at all, pre-pay now. I’ve effed that up before and was hit with penalties.

The penalty is really low. I am supposed to pay quarterly and I don't and the fine is like 800 bucks. Hardly worth bothering with.

 

[clcbjc123]

I must be behind on these rules. Won’t the $80k price cap disqualify most orders anyways? At least post price hike.

Yeah, and the income limit.

I'm amazed how many people on this board buy such expensive cars and make such little money.

 

[electruck]

If I signed the purchase agreement last week but won't take delivery until next week, does the purchase count as before April 18th or after?

Same concern, I wanna know if I finish signing the purchase contacts in my 8-Step today, am I locked in for the date of purchase of April 17th?

The date of any purchase agreement signed after August 15, 2022 is immaterial. After that date, what matters is the in-service date which is when you take physical delivery of the vehicle as the vehicle must be purchased and delivered to be considered in-service.

 

[Yossarian]

Can someone tell me the difference between a PBA and a BPA?

I signed a Preliminary Buyer's Agreement (PBA) with Rivian last year on 8 Aug, before the IRA was signed into law. I keep seeing reference to a BPA, which I assume stands for "Buyer's Preliminary Agreement", as being the document needed to qualify for the pre-IRA tax credit however.

Does this mean Rivian sent - and I signed - the wrong document and that I'm SOL regarding the tax credit? Another complication is that the PBA references the R1T Max I'd initially reserved. I had to change that in January when Rivian told us that they weren't going to make that version, so will take delivery of an R1S.

 

[Hillbilly]

It’s just a piece of paper. Get it from someone

It was emailed last year in August. I don't believe it's still eligible for execution.

 

[Donald Stanfield]

Yeah, and the income limit.

I'm amazed how many people on this board buy such expensive cars and make such little money.

I would have thought the income limit would have taken most of the people out myself. I cannot comment on what people make as to whether its too little, but I know for myself once that income limit was announced at 300K for family there was no point in me worrying about any other requirements.

Luckily I snuck by on the old rules and got my credit on these last year's taxes.

 

[sillyME]

https://www.fueleconomy.gov/feg/tax2023.shtml

This is the updated official website which tells us whether the vehicle would be qualified for the EV tax credit under the newly newer newest new law.

 

[Jac]

It was emailed last year in August. I don't believe it's still eligible for execution.

Yeah, after the Inflation Reduction Act was enacted last August, Rivian sent this email to folks that electronically signed the binding purchase agreement before the deadline:

“Hi There,

Thank you! You have successfully signed the terms of the binding contract for the purchase of your R1T or R1S before the cutoff of 8/16/2022. Keep this confirmation of your $1,000 deposit payment, and if you haven’t already, please download this PDF, sign in wet ink and save it for your tax return reference records. Wait for guidance from the IRS regarding next steps.

You do not need to return these documents to Rivian, as Rivian has recorded your electronic agreement.

If you have any additional questions, we might have an answer for you here or reach out for support.”

 

[Rivian_Hugh_III]

It’s just a piece of paper. Get it from someone

It was emailed last year in August. I don't believe it's still eligible for execution.

Probably right, now that I think of it. I’d thought it was just the doc but I forgot that we also had to pay $100 at the time. So Rivian has a record of who did this And who didn’t. Sorry

 

[moosetags]

I have not yet filed my 2022 Federal Income Tax Return. I signed the Binding Purchase Agreement with Rivian on August 10, 2022. I am taking Factory Delivery of my R1T on April 26, 2023. This being the case, can I claim the tax credit when I file my 2022 return?

Brian

 

[electruck]

I have not yet filed my 2022 Federal Income Tax Return. I signed the Binding Purchase Agreement with Rivian on August 10, 2022. I am taking Factory Delivery of my R1T on April 26, 2023. This being the case, can I claim the tax credit when I file my 2022 return?

Brian

Since you signed the BPA Aug 10, 2022, you can claim the credit on your 2022 return (listing 8/15/22 as the in-service date) so long as you file or amend your return after you take delivery on 4/26/2023. If you file your taxes today (4/17/22), it would not be legal to claim the credit. You would need to either file an extension until after you take delivery or amend your return if filed prior to delivery.

 

[moosetags]

Since you signed the BPA Aug 10, 2022, you can claim the credit on your 2022 return (listing 8/15/22 as the in-service date) so long as you file or amend your return after you take delivery on 4/26/2023. If you file your taxes today (4/17/22), it would not be legal to claim the credit. You would need to either file an extension until after you take delivery or amend your return if filed prior to delivery.

I have already filed an extension which had nothing to do with the Rivian tax credit. I will probably not file until next month or later.

Brian

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