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If you don't put the vehicle into service by the end of the month, yes. After that you'll have to qualify under the 2023 rules.
What about income limits in this instance?
My statement still stands. The only new rule implemented before the end of 2022 is the location of assembly. There are no income limits, MSRP limits, or anything else in effect in 2022. Only the location of assembly.
The new rules go into effect January 1st so you are eligible for the old rules since purchased in 2022, which includes no income cap. The BPA were for those who were expecting delivery after the new rules go into effect (2023+) and before the new bill was signed (8/16/2022). At least that’s my understanding.It is very interesting that after I read every post, I'm still and more confused.
Here's my situation... I did NOT sign a BPA; I took delivery of a R1S on Sep. 16, 2022; the R1S was under $80k excluding tax and fees but over $80k including tax and fees; and I'll over the income limit.
Will I get a tax credit? Someone please answer my question.
Thanks!
Thank you very much for responding!!!
Yes you will, if you took delivery in 2022 you have nothing to worry about. The income limit and $80K threshold don't go into effect until 2023. And the only reason to sign a BPA was if you weren't going to take (or didn't think you'd take) delivery in 2022.It is very interesting that after I read every post, I'm still and more confused.
Here's my situation... I did NOT sign a BPA; I took delivery of a R1S on Sep. 16, 2022; the R1S was under $80k excluding tax and fees but over $80k including tax and fees; and I'll over the income limit.
Will I get a tax credit? Someone please answer my question.
Thanks!
Thank you!!!
That’s mostly true. Binding contract had to be signed before August 16 and the kicker is that in order to be a binding contract in the eyes of the IRS it you need to have 5% at risk of the purchase price. The problem is it that the $1,000 deposit for the reservation is not 5%. I am in contact with Rivian to try and straighten this out.
That's super helpful. Do you know if the 5% language existed before Aug 16? I assume, yes and was missed by Rivian's legal team, but i'm hoping it was added after the fact since so much of this bill's detail was still being written.That’s mostly true. Binding contract had to be signed before August 16 and the kicker is that in order to be a binding contract in the eyes of the IRS it you need to have 5% at risk of the purchase price. The problem is it that the $1,000 deposit for the reservation is not 5%. I am in contact with Rivian to try and straighten this out.
Regardless of interpretation, please note that the IRS Definition never explicitly states that a 5%+ deposit is required, and references enforceability under State law.That’s mostly true. Binding contract had to be signed before August 16 and the kicker is that in order to be a binding contract in the eyes of the IRS it you need to have 5% at risk of the purchase price. The problem is it that the $1,000 deposit for the reservation is not 5%. I am in contact with Rivian to try and straighten this out.
I have been trying to contact Rivan but no one gets back to me. They keep changing guides on me. Went to Venice California showroom and spoke to someone there. Hopefully it gets pushed up the chain of command. Correction may involve adding an amount to the deposit to equal 5%.
