Tax Credit!!!!!!! WOOOOOOO!!!!!!!

[Drippy20]

Holy crap, it finally came yesterday. We bought ours in May 2023 and we finally got the tax credit back from the IRS. We filed an amended return in June and it was "in review for up to 12 or 16 weeks" or whatever it said when I checked the website. Then I called well after that time, spring of '24 and was told to wait longer. Received something in the mail weeks later saying I was missing a particular form. Called the accountant again and sent an updated amended return months ago. I was just about to bug the accountant to see if they could track this down.

So my in service August '22, delivered May '23 Rivian has finally gotten the $7,500 tax credit (almost $8,400 with interest). Quite the deal now. My large pack, FG, FE interior, All Terrain, 20" dark wheel had a sticker of $84,650. $7,500 off of it, even if it took 1.5 years to get it, is great. I think this would be just a tad more these days, right????

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[Gee Bee]

You can deduct all if you use a home equity loan 7/12 years

deduct all of the purchase

GB

 

[mudito]

You can deduct all if you use a home equity loan 7/12 years

deduct all of the purchase

GB

Wait. What? Interesting....
Any link with further info so I can read about this mechanism?

 

[Joe Hoffman]

Be careful of the tax advice you get for free on a forum about cars.

 

[Gee Bee]

If you take a equity loan from your lender/ based on the value of your home or property value, borrow against the equity 7/12 years The loan is tax deductible and your property will increase in value over this time.

 

[Gee Bee]

Ask your cpa
For myself Wyoming llc , no state tax.

Autos are delivered in Oregon and registered there as no sales tax.

This is the same method I used to save 178.k on a aircraft purchase.

Sema member since 1999 and i display at Sema as I love all fine automobiles.

 

[FLTANK]

Congrats and thanks for the positive update! I’m still waiting on my amended return as well but submitted a few months after you so fingers crossed I’m getting close.

 

[mkg3]

Ask your cpa
For myself Wyoming llc , no state tax.

Autos are delivered in Oregon and registered there as no sales tax.

This is the same method I used to save 178.k on a aircraft purchase.

Sema member since 1999 and i display at Sema as I love all fine automobiles.

Don't you have to have residence in OR to take delivery there?

Nice Lotus. Can't quite tell the model but it looks like heavily kitted Europa...

 

[Gee Bee]

I suggest rural property purchase, with your title of property and another identification, you may apply for a Resident identification card .

You may own property in various states as a long term investment as I do .

 

[Gee Bee]

Start a business with a product you like , file a for a Wyoming llc
Deduct your expenses and take your vehicle deduction per month.

insurance
Charging
Service

Hire a Cpa to file your long form.

This is a public information

I used Wyoming corp llc for mine and have helped many start there own businesses.

 

[bigsky]

That is excellent. Good for you!
Not understanding why it took so long to get.
My accountant is the tax software I use.
My R1S delivered in January, will put in for my EV tax credit when I file my taxes next year, but I always e-file and if a refund, I get it in two weeks. But the tax credit is just that, reduces my tax liability accordingly, no money expected.

 

[Polar]

Holy crap, it finally came yesterday. I think this would be just a tad more these days, right????

I just hit - 12 months since submitting to IRS, still waiting

 

[Drippy20]

I just hit - 12 months since submitting to IRS, still waiting

? ?

 

[Drippy20]

That is excellent. Good for you!
Not understanding why it took so long to get.
My accountant is the tax software I use.
My R1S delivered in January, will put in for my EV tax credit when I file my taxes next year, but I always e-file and if a refund, I get it in two weeks. But the tax credit is just that, reduces my tax liability accordingly, no money expected.

It was for an amended 2022, so I had long since paid my 2022 taxes and filed 2022. Since it was a credit of $7,500 and I paid more than that in taxes, they had to refund me. No idea why it took so long. Others on here had it much faster.

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