Are 2023 Lightnings eligible for the IRS tax credit?

[granfaloon]

That is the correct form, but not sure what details your accountant will request of you.

They may also ask for the bill of sale / settlement statement, copy of the 2022 registration, the manufacturer's certificate of origin, window sticker.

None of these supporting documents need to be sent to the IRS, but many accountants like to see supporting documentation so they are certain that you're qualified to claim the credit, they may keep copies in their retention files and return your copies to you, you should also file away with your read copy of the tax return until the statute of limitations expire for tax year 2022 on 4/15/2026.

We just need to finalize the purchase by 12/31, correct? We don’t need to have the truck registered in 2022 to claim the full credit do we?

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[RickLightning]

We just need to finalize the purchase by 12/31, correct? We don’t need to have the truck registered in 2022 to claim the full credit do we?

The IRS rules are quite clear.

For purposes of the 30D credit, a vehicle is not considered acquired prior to the time when title to the vehicle passes to the taxpayer under state law.

So, it depends on when that is true in your state. For most people, it would be a vehicle delivered to them, and driven home. The fact that the dealer hasn't done the title work at the state yet, because it's Saturday, 12/31/22, may be irrelevant, unless your state says that it isn't.

https://www.irs.gov/businesses/plug-in-electric-vehicle-credit-irc-30-and-irc-30d

 

[TaxmanHog]

Interesting...what's the GVWR of the Lightning?

Depends on a few factors, Battery, tires are the key elements, it's stated on your window sticker.

 

[TaxmanHog]

I had the IRS request purchase and registration documents for my 2016 Model X... So there's always that chance they will check up on you.

Ahh, so you won the random lucky lottery of an extra measure of scrutiny, we should all be prepared for this. I file electronically and have never submitted a return for this credit in the past, so it will be interesting to see what if any items my authorized E-filer might request of me during the filing process. I'm assuming they will only ask for the pertinent entries of the forms, but what happens after that is potentially subject to verification. The IRS has been working hard to fight fraud on so many levels, hopefully the review process is smooth and not subject to inordinate delay.

 

[Monkey]

Ahh, so you won the random lucky lottery of an extra measure of scrutiny, we should all be prepared for this. I file electronically and have never submitted a return for this credit in the past, so it will be interesting to see what if any items my authorized E-filer might request of me during the filing process. I'm assuming they will only ask for the pertinent entries of the forms, but what happens after that is potentially subject to verification. The IRS has been working hard to fight fraud on so many levels, hopefully the review process is smooth and not subject to inordinate delay.

Yeah, lucky me. I file electronically too. It was simple, though. I seem to remember attaching the purchase agreement anyway as an e-filer attachment with my return, but maybe not. I received an IRS notice a month or so later requesting the documents, which I was able to scan and submit electronically. Never heard anything else and got my refund as I normally would.

 

[RickKeen]

The 30% tax credit for home charger installation, including wiring, is totally different. It goes on form 8911. It's 30% up to $1,000 total. So, if you do the math - $1,000 / .3 = $3,333.33. So, if you put down $3,500, you will get a $1,000 tax credit.

Having taken this in 2021, all you need is the total cost, which you have.

From what I learned trying to decipher the charger credit, the 30% Charger Credit was sunset at the end of 2021.
It is renewed in 2023, but with added requirements for it to be installed in a rural location or in a property that is in a low income census tract.

 

[RickLightning]

From what I learned trying to decipher the charger credit, the 30% Charger Credit was sunset at the end of 2021.
It is renewed in 2023, but with added requirements for it to be installed in a rural location or in a property that is in a low income census tract.

No. That is the commerical portion.

It is renewed back to start of 2022.

 

[RickKeen]

No. That is the commerical portion.

It is renewed back to start of 2022.

OK, my tax advisor needs to be fired and I need to find somebody who knows about EV tax credits.

 

[Gaalpwrd]

Awesome to see a bunch of Colorado Lightnings coming online. Hope to see you all out and about after the freeze.

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