IRS issued A Request for Comments on various aspects of rule making for the Inflation Reduction Act including what constitutes a binding contract for purposes of the transition exception. If IRS determines that a $1,000 non refundable deposit constitutes a binging contract then a car put in...
I really hope "coming soon" is accurate, but I have my doubts. I stopped by a showroom a few weeks ago and an SA, who always seems knowledgeable, thought that they would start taking Touring orders in late September, maybe October. Last week the same SA said he/she was overly optimistic and...
My backup reservation, in case my Touring isn’t delivered by the end of the year, is for a Taycan. One of the things I like about the Taycan is that it has charging ports on both sides of the car.
I suppose that there is an argument that since the deposit did not meet the IRS definition of a Binding Contract, the contract is not binding so the deposit should be returned if the order is canceled.
Lucid’s “binding contract” will not be accepted by IRS. IRS expects a non-refundable deposit of 5% of the purchase price to qualify. So now the only way to get the credit for a Lucid is to take delivery before the end of the year.
What Is a Written Binding Contract?
In general, a written...
The Act defines the placed in service date under the Transaction Rule as the day before the enactment of the Act, likely early next week. As I read this, it means that you would have to file for the rebate in your 2022 return which means you would have to have a VIN by April 2023. The issue is...
I dropped by the San Diego showroom yesterday. They suggested that my September Touring reservation would not be delivered until Spring 2023. Bad news for both my delivery and LCID position. Over promise, under deliver.