2022 vs 2023 Tax credit…Again

[ForeverOnTheWaitlist]

I discussed with my tax preparer. It's ok to take delivery in 2023 and file for the "Inflation Reduction Act" rebate if you also have the Pre-Aug-2022 signed order. So if you're still waiting for delivery, you can cross your fingers the vehicle will arrive in 2023 before EOY and file an extension or amend 2022 taxes to claim it or. I believe after EOY 2023 you're SOL on the rebate.

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[sac602]

Did your accountant say why one would be SOL if not in 2023? (asking because Im in the April- June 2024 estimated range with a Dec. 2021 Rervation and a BPA). A quick google search says,

"The IRS will accept an amended return up to three years after the date you filed the original return or within two years after you paid the tax due on the return, whichever is later."

Im hoping that means I am NOT SOL after 2023....would hate to miss out on the rebate given my 2.5 year R1S delivery window...

 

[ForeverOnTheWaitlist]

@sac602 Ignore the SOL part. That's likely my misread. More relevant was the part about it being part of 2022 TY and the need to amend to get the rebate so not sure how long you have to do that but likely can be after EOY 2023.

I'm in the same boat. Despite the CFO's comments about pre-price-increase orders being delivered by Q2 2023, my delivery window remains Q2 2024 at which date I may no longer need a Rivian (or would have to buy/sell an interim vehicle to get it).

 

[wwheelkid]

Here is a situtation...binding contract entered into before Aug 2022..paid the non-refundable $100. Ended up cancelling that order and got the refund of $900. Subseqently, in 2023 you make another order andtake delivery of a 2023 R1T from Rivian. I would think the original binding contract is still valid as no VIN was ever assigned - so it isn't about a specific truck - and the $100 was not returned.

Do you think it is valid to amended the 2022 return and get the $7,500 tax credit.

 

[Jac]

Here is a situtation...binding contract entered into before Aug 2022..paid the non-refundable $100. Ended up cancelling that order and got the refund of $900. Subseqently, in 2023 you make another order andtake delivery of a 2023 R1T from Rivian. I would think the original binding contract is still valid as no VIN was ever assigned - so it isn't about a specific truck - and the $100 was not returned.

Do you think it is valid to amended the 2022 return and get the $7,500 tax credit.

Rivian knows who signed the binding purchase agreement and submitted it prior to enactment of the Inflation Reduction Act. Rivian also knows you cancelled your order that had the binding purchase agreement.

You didn’t “un cancel” your original order. You made a new order after the IRA was enacted.

 

[Autolycus]

Here is a situtation...binding contract entered into before Aug 2022..paid the non-refundable $100. Ended up cancelling that order and got the refund of $900. Subseqently, in 2023 you make another order andtake delivery of a 2023 R1T from Rivian. I would think the original binding contract is still valid as no VIN was ever assigned - so it isn't about a specific truck - and the $100 was not returned.

Do you think it is valid to amended the 2022 return and get the $7,500 tax credit.

Nope. You broke your contract. You placed a completely distinct new reservation and subsequent purchase. You should NOT claim the 2022 credit. You need to follow the 2023 rules. I'm guessing that means no credit, but it will depend on the MSRP of your config and your income.

 

[SANZC02]

Here is a situtation...binding contract entered into before Aug 2022..paid the non-refundable $100. Ended up cancelling that order and got the refund of $900. Subseqently, in 2023 you make another order andtake delivery of a 2023 R1T from Rivian. I would think the original binding contract is still valid as no VIN was ever assigned - so it isn't about a specific truck - and the $100 was not returned.

Do you think it is valid to amended the 2022 return and get the $7,500 tax credit.

You know the answer to this, I think the real question you are asking is will you get caught. Probably not but if you do now it is not a mistake but fraud.

 

[electruck]

You know the answer to this, I think the real question you are asking is will you get caught. Probably not but if you do now it is not a mistake but fraud.

Given that Rivian is supposed to provide the government with supporting documentation for each qualified EV, odds of getting caught go up substantially.

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