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Help All!! Tax credit question for R1S launch edition that came to 80k exactly

elecrticeddy

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hello Rivian lovers


Quick question for u all., I order a R1S 3 years ago and I did pay the $100 down and signed contract but they recently offer me a quick delivery if I elected to have a few add ons that pushed my Config, to exactly 80k. Does that mean I am no longer able to get tax credit since it says I must be under the 80 or does that not apply to those that did a pre-order launch edition buyers. My base price was 75.5 so I don’t know if adding on screwed things up for us. I am clearly. confused and my accountant is fuzzy on this question. Thanks Ed

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windblowlc

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hello Rivian lovers


Quick question for u all., I order a R1S 3 years ago and I did pay the $100 down and signed contract but they recently offer me a quick delivery if I elected to have a few add ons that pushed my Config, to exactly 80k. Does that mean I am no longer able to get tax credit since it says I must be under the 80 or does that not apply to those that did a pre-order launch edition buyers. My base price was 75.5 so I don’t know if adding on screwed things up for us. I am clearly. confused and my accountant is fuzzy on this question. Thanks Ed

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You're like clockwork, same kind of bs every year for the past 3 years.
 

TimmyGA

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Wait is that an answer? I have almost the exact same question…
 
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booslim45

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I am not a tax attorney: but based on filing my taxes through free tax USA, as long as I had a binding contract and the vin, i was able to take advantage of the whole $7,500 even though mine was over $80K
 

Fclmd

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hello Rivian lovers


Quick question for u all., I order a R1S 3 years ago and I did pay the $100 down and signed contract but they recently offer me a quick delivery if I elected to have a few add ons that pushed my Config, to exactly 80k. Does that mean I am no longer able to get tax credit since it says I must be under the 80 or does that not apply to those that did a pre-order launch edition buyers. My base price was 75.5 so I don’t know if adding on screwed things up for us. I am clearly. confused and my accountant is fuzzy on this question. Thanks Ed

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From Rivian: The IRS has released guidance on how taxpayers with valid written binding contracts signed on or before August 15, 2022 can claim the original EV tax credit—without restrictions on vehicle MSRP, buyer income, and manufacturing requirements—even if they don’t take delivery of the vehicle until 2023 or later.

To claim this credit, you can use Form 8936. Here are the Instructions and IRS Guidance.

Please note two key considerations:​
From the Guidance: “To elect the credit under the prior rules you must elect the credit on your 2022 tax return after you take delivery of the vehicle. Depending on the date the vehicle is delivered, you can claim the credit on your original, superseding, or amended 2022 tax return.”
From the Instructions: “Taxpayers who took delivery in 2023 or after must use
 

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elecrticeddy

elecrticeddy

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You're like clockwork, same kind of bs every year for the past 3 years.
Not sure what you “windblowlc” mean here. I pick suv up tomorrow do you have an answer or just poking
 
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SANZC02

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Not sure what you mean here. I pick suv up tomorrow do you have an answer or just poking
You said you signed the binding purchase agreement so you should be good, talk to your tax guy, it would be for 2022 tax year.


Additionally, the 2023 rule is the MSRP cannot exceed 80k so at 80k you should be ok for 2023. Look at your window sticker, the MSRP is the subtotal above the destination charges so if some of the Adonis are crossbars or charger they do not count towards MSRP cap.

In addition, the vehicle's manufacturer suggested retail price (MSRP) can't exceed:

  • $80,000 for vans, sport utility vehicles and pickup trucks
  • $55,000 for other vehicles
 
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elecrticeddy

elecrticeddy

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Thank you this was a big help. I pick it up at 10am tomorrow. Her name is Big Blue !

and yes I did say Her. ; )
 

Alchemy8279

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If you have Binding Purchase Agreement signed before August 15th then file on FYE 2022 taxes and get your $7,500 credit this year. Price of vehicle and income do not matter.
 

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Jafresh

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Can any smart person confirm whether ppf counts as an add-on, or towards the 80k msrp? I’d like to change my wheels but doing so puts me over 80k, unless the ppf doesn’t count .
 

Foobar

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Can any smart person confirm whether ppf counts as an add-on, or towards the 80k msrp? I’d like to change my wheels but doing so puts me over 80k, unless the ppf doesn’t count .
Everything on the bill of sale at time of purchase counts.
 

Alchemy8279

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Only thing that does not count is the Destination Charge.
 
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elecrticeddy

elecrticeddy

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If you have Binding Purchase Agreement signed before August 15th then file on FYE 2022 taxes and get your $7,500 credit this year. Price of vehicle and income do not matter.
Thank you for clarification. I thought that was the case but got confused on the 2023 redo. I did sign contract and paid the $100 before Aug 15th. thanks
 

pc500

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Doesn't it exclude transportation?
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