How to handle getting the $3750 Fed Tax rebate during purchase and then getting the rest from the Binding Agreement

[Shaqdeez]

Been a bit confused how this will work out. Assuming Rivian is subtracting the $3750 from the vehicle (yes it's under 80K since I'm on pre - March pricing), how would I go about filing an amendment for 2022 taxes to get the rest. I don't recall a separate section to say you only one the rest of the $3750.

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[DucRider]

It won't.

You can take the $3,750 or amend your return and hope the IRS doesn't audit to examine the "Binding purchase agreement".

https://www.irs.gov/credits-deductions/credits-for-new-electric-vehicles-purchased-in-2022-or-before


If you take the $3,750 your date placed in service will be in 2024 and you will claim it on your 2024 return. Even if the credit is transferred to Rivian you are required to list it on your return as it may be subject to recapture if your income exceeds the allowable threshold. Rivian must report the sale info via an IRS portal within 3 days of the sale. You will receive a sellers report (likely on Form 15400) as part of your purchase documents.

 

[Shaqdeez]

So it sounds like i should NOT take the 3750 a the time of purchase and instead amend my 2022 tax to get the full 7500 ?

 

[Riviot]

Assuming Rivian is subtracting the $3750 from the vehicle (yes it's under 80K since I'm on pre - March pricing)

Why are you assuming this? This is wrong in so many ways. Rivian isn't subtracting anything for a purchase, you have to claim it on 2024 taxes OR amend your 2022 taxes to get up to $7500 back. To get that full amount, you must have that full amount or more in taxes due for 2022.

Rivian is claiming the $7500 for leases ONLY and passes that on.

 

[Shaqdeez]

Is Rivian not knocking off 3750 for the fed tax rebate for cars under 80K at point of sale (not lease, purchase)? Why aren't they?

 

[Shaqdeez]

Why are you assuming this? This is wrong in so many ways. Rivian isn't subtracting anything for a purchase, you have to claim it on 2024 taxes OR amend your 2022 taxes to get up to $7500 back. To get that full amount, you must have that full amount or more in taxes due for 2022.

Rivian is claiming the $7500 for leases ONLY and passes that on.

 

[Riviot]

Is Rivian not knocking off 3750 for the fed tax rebate for cars under 80K at point of sale (not lease, purchase)? Why aren't they?

No. That's your job, buddy. They can't do your taxes for you.

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