nicus90
Member
Binding agreement used? -YesBinding agreement used? Full $7500???
Full $7500??? -Yes
Sponsored
Announcing our new "CLUBS" section where you can join or create a Rivian club or group! You can use this new feature to conveniently plan and discuss local events, gatherings or other club/group related topics.
So we encourage you to join (or start) special-interest and regional-based Rivian clubs at: https://www.rivianforums.com/forum/group-categories/clubs-groups.1/
Binding agreement used? -YesBinding agreement used? Full $7500???
What is the signed date on the binding agreement with Rivian is it Aug 15th or 16th?
Winning!!!!!Binding agreement used? -Yes
Full $7500??? -Yes
Time to go get more accessories!!!!Binding agreement used? -Yes
Full $7500??? -Yes
Any update? Should be anytime now.I submitted an amendment 5/5 after taking delivery on 5/5.
Way to kill the buzz.Keep in mind that the IRS is legally obligated to process tax returns. Just because they are fulfilling that obligation does not mean that they agree with you taking the credit. Same thing is going on with Employee Retention Credits ($26,000 per employee credit that you see advertised on TV). They will process the returns and issue the refunds. But they will also audit you & take the money back along with penalties & interest.
I did read that. But as I recall (take that for what it's worth), it also said this was a guideline, and it would likely depend on state laws for binding contracts. I read the law for my state (Washington) and Rivian's contract looks good here - WA law does not seem to set any minimum amounts.I read that the IRS has issued some guidance on binding agreements indicating that non-refundable 5% downpayment represented a significant commitment to purchase and therefore created a binding agreement. Has anyone else seen anything like that?
You missed the AND portionI did read that. But as I recall (take that for what it's worth), it also said this was a guideline, and it would likely depend on state laws for binding contracts. I read the law for my state (Washington) and Rivian's contract looks good here - WA law does not seem to set any minimum amounts.
Of course the only opinion that matters is that of future IRS auditors, and they may not have the same view. There's really no way to be sure. Even if you call the IRS now and ask, and even if they are willing to give you a solid answer, they note prominently that they cannot be held accountable for their answers. We will just have to wait and see. But there's been so much uncertainty around this I suspect they'll take a reasonably lenient view.
The guidance was…. vague.I read that the IRS has issued some guidance on binding agreements indicating that non-refundable 5% downpayment represented a significant commitment to purchase and therefore created a binding agreement. Has anyone else seen anything like that?