What's new
By:

It's officially tax time are people going to claim the tax credit from the expired version of the tax code?

Impatient7536 said:
i was told that Pure qualifies for a 7.5k leasing credit, and Touring qualifies for either leasing or financing $7.5k credit.

so im assuming if we pair that up with the 7.5k tax credit, it'll come out to be 15k. maybe im misunderstanding all of this....
Click to expand...
Your math is correct. I think the main question here is the source of the money. One of them is a tax credit program offered by the federal government. The other one is a discount offered by Lucid on certain models.
 
Bobby said:
Your math is correct. I think the main question here is the source of the money. One of them is a tax credit program offered by the federal government. The other one is a discount offered by Lucid on certain models.
Click to expand...
ah i see. got confused by what the commenter was asking about. apologies.
 
There has been a ton of speculation here on the Forum and other locations as well. The bottom line is until the IRS officially rules nobody clearly knows. I think what needs clarification is what the IRS means by a "written binding contract"
 
The messaging from Rivian and the IRS seems pretty direct on this
Screenshot_20230308_232036_Gmail.webp
 
SaratogaLefty said:
There has been a ton of speculation here on the Forum and other locations as well. The bottom line is until the IRS officially rules nobody clearly knows. I think what needs clarification is what the IRS means by a "written binding contract"
Click to expand...
No it doesn't. This has been discussed and I've already explained why the majority of our contracts with Lucid were binding the minute we confirmed our orders and converted our deposits to non-refundable.
 
blueice89 said:
Can we take the tax credit in 2023 ?
Click to expand...
Did you have a contract with Lucid converted to non-refundable deposit prior to August 16, 2022? If not, then no. You would fall under the new Inflation Reduction Act and no trim of our beloved Air qualify. The IRA requires sedans to be $55,000 or less and this is before the income thresholds kick in.
 
blueice89 said:
I don’t like they added these price limits it’s like they didn’t want nicer luxury cars to apply or something and then also Income limits.
Click to expand...
That cap of $55,000 on sedans was viewed as a "poison pill" and they did it to appease Sen. Joe Manchin and to get his vote. Clearly, none of them owned an electric car because a $55,000 cap for an electric sedan is laughable. The IRA has some issues and Congress is expected to fix it.
 
blueice89 said:
I don’t like they added these price limits it’s like they didn’t want nicer luxury cars to apply or something and then also Income limits.
Click to expand...
Yup, it's truly a bizarre way to promote EVs. Only in Washington. :rolleyes:
 
I guess we will find out when/if someone on this forum is unlucky enough to get audited. Interesting that the Rivian folks can't spell "filling out" vs. "filing out". I am not a lawyer, maybe rocko is but I've read all kinds of opinions here about what constitutes "a written binding contract" in the eyes of the IRS but have yet to actually read something published by the IRS that clearly stipulates what that means (e.g. 5% non-refundable deposit, etc.). I hope rocko is correct and most likely won't trigger an audit in any case since they are understaffed.
 
blueice89 said:
I want to see if anyone get audit then if not I will take a risk lol
Click to expand...
If someone is going to get audited, it won't be for taking the tax credit they are entitled to. There's likely something in their tax return that caught the IRS' eye. When I filed, I used the purchase agreement order page that showed my confirm date of August 10, 2022 and my purchase agreement final price sheet. I followed the transition rule date of August 15, 2022 and my return was accepted by the IRS.

Y'all worry too much!
 
Babyrocko1908 said:
If someone is going to get audited, it won't be for taking the tax credit they are entitled to. There's likely something in their tax return that caught the IRS' eye. When I filed, I used the purchase agreement order page that showed my confirm date of August 10, 2022 and my purchase agreement final price sheet. I followed the transition rule date of August 15, 2022 and my return was accepted by the IRS.

Y'all worry too much!
Click to expand...
I really don't have a dog in this fight and perhaps I should just stay on the sidelines. In any case, having your return "accepted by the IRS" doesn't mean anything. Unless there are glaring errors that their computers pick up (very rare) returns are routinely accepted by the IRS. Doesn't really mean much. Okay, I've said my piece and I withdraw from this discussion. Good luck to you all and I hope the positions posted here by those in the know are correct.
 
OK. Now I'm intrigued by all of this. I *may* have been a little distracted by the adrenaline rushing through me over the last 4 days!

As I am playing catch up on all of the information (I thought the tax credit was dead), I am scouring the Rivian and IRS websites for the information posted here and on other threads. BUT I can't seem to find anywhere where the IRS says that "Taxpayers who took delivery in 2023 or after must use August 155, 2022 as the date placed in service..." Can anyone provide a link to that language that Rivian put in their email? I found it on Rivian's website in the support center. But, the link that they provide online and I assume in that email goes to an IRS page where I can't find that quote.

@Babyrocko1908 I'm sure you are sick of this. But, you are such a wealth of knowledge I figured it was worth tagging you.

BTW, I'm asking for this level of detail because I am prepping to argue with my tax accountant. Thanks to anyone who can help!
 
Halodde said:
OK. Now I'm intrigued by all of this. I *may* have been a little distracted by the adrenaline rushing through me over the last 4 days!

As I am playing catch up on all of the information (I thought the tax credit was dead), I am scouring the Rivian and IRS websites for the information posted here and on other threads. BUT I can't seem to find anywhere where the IRS says that "Taxpayers who took delivery in 2023 or after must use August 155, 2022 as the date placed in service..." Can anyone provide a link to that language that Rivian put in their email? I found it on Rivian's website in the support center. But, the link that they provide online and I assume in that email goes to an IRS page where I can't find that quote.

@Babyrocko1908 I'm sure you are sick of this. But, you are such a wealth of knowledge I figured it was worth tagging you.

BTW, I'm asking for this level of detail because I am prepping to argue with my tax accountant. Thanks to anyone who can help!
Click to expand...
The language (Transition Rule) is in the IRA. It's codified as law in the tax code. The Transition Rule is on page 146 of the IRA. Link and screenshot attached.

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.congress.gov/117/plaws/publ169/PLAW-117publ169.pdf

 

Attachments

  • Screenshot (54).webp
    Screenshot (54).webp
    329.1 KB · Views: 184
Last edited:
Babyrocko1908 said:
The language (Transition Rule) is in the IRA. It's codified as law in the tax code. The Transition Rule is on page 146 of the IRA. Link and screenshot attached.

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.congress.gov/117/plaws/publ169/PLAW-117publ169.pdf

Click to expand...
To be clear, I agree with your interpretation. And, I think it's great that you were successful in getting the credit. To clarify my question, are you aware of anywhere the IRS says exactly what Rivian said in their email? "Taxpayers who took delivery in 2023 or after must use August 155, 2022 as the date placed in service..."? Is that actually in writing anywhere other than in Rivian's email? I can't find it anywhere. Again, I'm trying to build my case with my tax guy.
 
You must log in or register to reply here.

Similar threads

Joe
Tesla vs. Lucid: Here’s how the EV rivals are and aren’t alike
Replies
1
Views
8K
hmp10
H
Joe
How Lucid Motors plans to spin Tesla-killing strategy out of air
Replies
4
Views
12K
BlindPass
B
Joe
Lucid Motors has ambitious plans to defy skeptics and take on Tesla
Replies
3
Views
13K
Hawk
H
Back
Top