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Dark-Fx

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It was pointed out to me that the IRS changed their 2022 page about the transition rule. It appears as though they expect anyone claiming the tax credit under the transition rule to claim the credit against their 2022 taxes.

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

Purchase date vs. delivery date
If you entered a written binding contract to buy a vehicle after December 31, 2021, and before August 16, 2022, but took delivery on or after August 16, 2022, you may elect to claim the credit based on the prior rules. To elect the credit under the prior rules you must elect the credit on your 2022 tax return after you take delivery of the vehicle. Depending on the date the vehicle is delivered, you can claim the credit on your original, superseding, or amended 2022 tax return.
To cover a couple of questions here so people don't have to read through the whole thread:

If your vehicle was delivered in 2022, you should just use the date that your vehicle was delivered and ignore the BPA. None of the AGI or battery content stuff matters for 2022.

If you are working on your 2022 taxes but have not taken delivery yet, do not include the form/credit even if you have a VIN. The people preparing your vehicle could discover an issue that makes it unsaleable and Rivian will end up selling you a different vehicle.
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freshpow

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Wow. Good catch! I'm not going to pop the champagne yet but note that they removed the language that said "delivery before 12/31/2022". That appears to be good news for those of us with BPAs who will be taking delivery this year and beyond!

Edit: I'm ready to pop the champagne. :champagne:
 
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Jac

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This is very interesting and strongly suggests people with Rivian’s binding purchase agreements may actually be able to amend their 2022 tax return once their Rivian is delivered this year or perhaps even next year. Still need confirmation Rivian’s binding purchase agreement will satisfy the IRS. Time will tell.
 
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Dark-Fx

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This is very interesting and strongly suggests people with Rivian’s binding purchase agreements may actually be able to amend their 2022 tax return once their Rivian is delivered this year or perhaps even next year. Still need confirmation Rivian’s binding purchase agreement will satisfy the IRS. Time will tell.
There should be people that have taken delivery this year that this applies to, so it should be pretty easy for those people to fix up their 2022 returns for the credit and report back on if the IRS rejects their filing.
 

COdogman

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That’s going to make people happy.
 

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Dark-Fx

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That’s going to make people happy.
I just wish they had said it would be this way before the end of the year so I could have had more tax liability.
 

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I just wish they had said it would be this way before the end of the year so I could have had more tax liability.
Not sure why they waited. I suppose there are still quite a few people who could include this before April 15th if they haven’t already done their taxes.
 

uthatch

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Wow, I had mentally written this off, but maybe it's actually going to happen. I have to say, that really makes my overall Rivian purchase price quite attractive.
 

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Not sure why they waited. I suppose there are still quite a few people who could include this before April 15th if they haven’t already done their taxes.
Yeah, I'm one of them...my business taxes are done, but personal are being worked on so I'm hoping the credit is real and I'll see it on my return.
 

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They have not released the battery component requirements yet so as long as under 80k and AGI limits you should be able to take the 7500 if delivered this year.

That is what I am planning for.
 

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freshpow

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They have not released the battery component requirements yet so as long as under 80k and AGI limits you should be able to take the 7500 if delivered this year.

That is what I am planning for.
Looking at your pre-order date...did you sign a BPA? If you did, none of those requirements you mentioned matter.
 

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Yeah, I'm one of them...my business taxes are done, but personal are being worked on so I'm hoping the credit is real and I'll see it on my return.
Sounds like you should. That’s great! I already sat down for a marathon session with my accountant where we did both business and personal. But I don’t have my truck quite yet so it doesn’t matter. I have the BPA but I would also qualify for the full $7500 for 2023 so it’s probably easier to just use it next year.
 

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I just wish they had said it would be this way before the end of the year so I could have had more tax liability.
Maxed out my 2022 return with R1T and Lightning, does no good to me getting the credit back for then ):
 

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This does seem like a departure from the last guidance. I'm taking delivery on Thursday and have a signed BPA.

I'll go ahead and claim it this year. Thank you @Dark-Fx !

I made a lot of charitable donations in 2022...not sure if I'll have $7,500 in tax liability this year but nonetheless this will help!
 

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I just wish they had said it would be this way before the end of the year so I could have had more tax liability.
Of course for Rivians delivered at any time in 2022, buyers are eligible for the $7500 tax credit without the binding purchase agreement. The only qualification limit in the Inflation Reduction Act’s EV tax credit that went into effect in 2022 was the domestic vehicle assembly requirement. The income, MSRP cap, and battery-related stuff all kicks in in 2023.
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