Rivian R1T / R1S on 2024 IRS list of tax rebate incentive eligible EV ($3,750 credit amount)

[UnsungZero_OldTimeAdMan]

Exactly so doesn’t apply to used R1

Yup. The used market prices will do whatever demand can support, regardless of IRA credits. Folks don’t want to hear it, but values will continue to decline with age (already has) as Rivian ramps and wait times shorten. Short of another pandemic induced shortage, you won’t see value spikes like you saw for Teslas. That was an anomaly. And used car loan rates are always higher than new.

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[brancky3]

Depends on each person's tax situation and reservation date. If you had less than $3750 in total tax liability in '22, and you meet all of IRA's requirements, then for sure it's better to take the IRA's $3750. As is, if you don't have a pre-price-hike reservation, it's almost impossible to get below the $80k purchase price cap. DM-Large starts at $79k.

Unless someone is retired, it's pretty much guaranteed that they'll have at least $3750 in tax liability.

 

[tjp74]

Unless someone is retired, it's pretty much guaranteed that they'll have at least $3750 in tax liability.

I had a "misfurtune" of taking a delivery of R1T in 2022 to flip while waiting for a R1S (keeper, delivered June 2023)
Already took full $7500 credit on 2022 tax so my calculation shows I would get about $3.5k if I ammend on 2022 so I am thinking to just claim it on 2023 tax for $3750 credit. My MSRP was under $80 (pre march, LE including free wheel upgrade)...

 

[Riviot]

Used cars have to be bought through Dealers and price cap of $25,000, in addition vehicle has to be > 2 model years old.

Exactly so doesn’t apply to used R1

It still applies to used Rivians, however unlikely.

Unless someone is retired, it's pretty much guaranteed that they'll have at least $3750 in tax liability.

But it's not. Certain overseas income or, in my case, allowances are not taxable. So despite "earning" >$100k a couple years back, my taxable was below $2k.

 

[UnsungZero_OldTimeAdMan]

Unless someone is retired, it's pretty much guaranteed that they'll have at least $3750 in tax liability.

Not if their tax deductions amount to zero liability. Overly generalized assumption.

 

[usulio]

Unless someone is retired, it's pretty much guaranteed that they'll have at least $3750 in tax liability.

You are not thinking like a wealthy person. Ah, the blissful ignorance of the proletariat.

 

[jambaman84]

You can get an R1T for under 80K if you do large battery and silver color.. it'll come out to 79K ..

 

[Thomas D]

R1S Delivered 03/29/23 under 80k. I signed the written binding contract. From Rivian email dated 03/08/23, From the instructions (Form 8936):
"Taxpayers who took delivery in 2023 or after must use August 15, 2022 as the date placed in service when filling out Form 8936." I'm hoping this sticks for the $7500 credit. Anyone else in this boat ? Thoughts ?

 

[UnsungZero_OldTimeAdMan]

R1S Delivered 03/29/23 under 80k. I signed the written binding contract. From Rivian email dated 03/08/23, From the instructions (Form 8936):
"Taxpayers who took delivery in 2023 or after must use August 15, 2022 as the date placed in service when filling out Form 8936." I'm hoping this sticks for the $7500 credit. Anyone else in this boat ? Thoughts ?

7 page long thread with multiple successful claims documented: https://www.rivianforums.com/forum/...500-tax-refund-for-amended-2022-return.16786/

And this is just one of many threads. No thoughts. Just do—so long as you had $3750 or more in total tax liability in 2022. If you did not, then you will do no better than $3750 credit under IRA (if you are eligible and are not over the IRA's income caps). If you had at least $7500 in total tax liability, and don't mess up the amendment filing, you stand to receive $7500+interest.

Under Pre-IRA terms and with the binding agreement, $80k price cap (of IRA) is 100% irrelevant. Before IRA became law, there were no provisions for purchase price, income or battery component sourcing. You could have gone hog wild and loaded up with every single option and it wouldn't have mattered.

 

[iamnid]

R1S Dual-Motor Large - $84,000 MSRP
R1S Quad-Motor Large - $92,000 MSRP
R1T Dual-Motor Large - $79,000 MSRP
R1T Dual-Motor Max - $89,000 MSRP
R1T Quad-Motor Large - $87,000 MSRP

Putting aside those that may have locked-in an R1 at an earlier, lower price, most of these don't really still qualify.

Only the R1T Dual-Motor Large has an MSRP under $80,000.

 

[rickybobbyaz]

***Sanity Check***
https://fueleconomy.gov/feg/tax2023.shtml appears to show full $7,500 credit for a 2022 R1T if it went into service between Jan-April of 2023?

 

[Thomas D]

I assume if you have the pre-IRA binding agreement, you could opt to do a 2024 credit instead, right? Let's say there's no benefit to you for an amended 2022 return, I can't see what would really prevent you from claiming the credit for 2024 instead.

I realize this is not an accounting or tax law forum ;p

7 page long thread with multiple successful claims documented: https://www.rivianforums.com/forum/...500-tax-refund-for-amended-2022-return.16786/

And this is just one of many threads. No thoughts. Just do—so long as you had $3750 or more in total tax liability in 2022. If you did not, then you will do no better than $3750 credit under IRA (if you are eligible and are not over the IRA's income caps). If you had at least $7500 in total tax liability, and don't mess up the amendment filing, you stand to receive $7500+interest.

Under Pre-IRA terms and with the binding agreement, $80k price cap (of IRA) is 100% irrelevant. Before IRA became law, there were no provisions for purchase price, income or battery component sourcing. You could have gone hog wild and loaded up with every single option and it wouldn't have mattered.

Thanks for the reply. I did not check the thread yet. But just to be clear, I'm not wanting to amend 2022 return. I would like $7500 credit for 2023.​

As per fueleconomy.gov​

Rivians placed in service 1/1/23-4/17/23 - $7500​

After that - $3750​

What's needed is an updated Form 8936.​

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[UnsungZero_OldTimeAdMan]

Thanks for the reply. I did not check the thread yet. But just to be clear, I'm not wanting to amend 2022 return. I would like $7500 credit for 2023.​

As per fueleconomy.gov​

Rivians placed in service 1/1/23-4/17/23 - $7500​

After that - $3750​

What's needed is an updated Form 8936.​

​

​

Ah, right. The transitory period post IRA and before Treasury issued decision on battery sourcing.

 

[milliemc]

This year, *dealerships* can choose to apply it at purchase time. The way the law is written, it appears that direct-sales like Rivian and Tesla can't do this, as they aren't "dealerships." So for direct-sales, you have to apply it at "file your 2024 tax return" time early next year.

For other automakers (Ford and GM,) the individual dealerships have to apply to the IRS and do some extra paperwork to offer time-of-purchase application. But not all dealers will offer this!

I beg to differ. Does NYONE KNOW FOR SURFE? I HAVE READ Through EVERYTHING AND I AM PRETTY SURE RIVIAN AND TESLA CAN BOTH OFFER WHATEVER PORTION O F THE TAX credit THEY fit. (sorry-caps)

 

[UnsungZero_OldTimeAdMan]

I beg to differ. Does NYONE KNOW FOR SURFE? I HAVE READ Through EVERYTHING AND I AM PRETTY SURE RIVIAN AND TESLA CAN BOTH OFFER WHATEVER PORTION O F THE TAX credit THEY fit. (sorry-caps)

Not sure what it is you are disputing. What CharonPDX describes is the law under IRA.

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