Federal credit dealer reporting requirements (new requirement?)

[EdwinT]

I am about to take delivery and really don’t want a technicality to screw things up for me come tax time. Should I expect my dealership to know what they are doing here or will I have to hold their hand through the process? Not sure if this is new, so I have no idea if they have experience with this. Below is a screen shot from the IRS website and here is the link: https://www.irs.gov/credits-deductions/clean-vehicle-credit-seller-or-dealer-requirements

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[RickLightning]

I expect you will have to hold their hand. Beyond their tax ID number, everything is on the sales paperwork except the credit ($7,500) and the battery size (which Ford provides).

 

[EdwinT]

I expect you will have to hold their hand. Beyond their tax ID number, everything is on the sales paperwork except the credit ($7,500) and the battery size (which Ford provides).

Do you think I should just type up a single report for them to fill out the info to sign and provide me? Make it easy on them lol. Or have you seen any of these reports yet that I could copy?

Has anybody taken delivery in 2023 yet and gone through this process??

I really can’t afford to screw this up. Appreciate all the input! What stinks is it’s ultimately on them to provide another report to the IRS that they sold the vehicle. Or is it on Ford corporate ?

 

[Amps]

Here's the GM form provided to their dealers. Ford may have already made one available, too.

 

[EdwinT]

Here's the GM form provided to their dealers. Ford may have already made one available, too.

Dude thank you so much! This makes me feel 1000x better lol. I’ll make a ford version of this if the dealer doesn’t know anything about it.

 

[TaxmanHog]

I would hope Ford Sales executives and lawyers have developed a standard template for dealers to customize and issue to customers starting 1/1/2023

 

[jimfigler]

I am about to take delivery and really don’t want a technicality to screw things up for me come tax time. Should I expect my dealership to know what they are doing here or will I have to hold their hand through the process? Not sure if this is new, so I have no idea if they have experience with this. Below is a screen shot from the IRS website and here is the link: https://www.irs.gov/credits-deductions/clean-vehicle-credit-seller-or-dealer-requirements

I’m guess but I would imagine the dealer will provide some sort of new in-house form to you with the info required. If not you’ll have nearly a full year to get the info before you need to file your taxes. UPDATE: I should read all post before I answer.

 

[N0v0w3ls]

A lot of this is being done at the last minute so some handholding may be required. They also need to report the same information to the IRS by January 15th, 2024 so I expect a lot of problems with early 2023 purchases. The IRS hasn't outlined how the dealers will need to report this yet and I expect they intend to match the credit claims with the information filed by dealers.

 

[EdwinT]

I would hope Ford Sales executives and lawyers have developed a standard template for dealers to customize and issue to customers starting 1/1/2023

I would also hope that all dealers fully understand how price protection works and what vehicles are being price protected, and how much. Not many of them can figure it out, so I am not putting much faith in them having any idea what this tax law says lol

 

[EdwinT]

A lot of this is being done at the last minute so some handholding may be required. They also need to report the same information to the IRS by January 15th, 2024 so I expect a lot of problems with early 2023 purchases. The IRS hasn't outlined how the dealers will need to report this yet and I expect they intend to match the credit claims with the information filed by dealers.

Yea you better believe I am going to be nagging them at the end of this year!! Lol

 

[Grumpy2]

Since the date of this form may be worth an additional $3,750 at the end of the year, receiving it at the time of purchase with the dealer signature seems to be the best plan.

 

[EdwinT]

All,

I created this form to make it easy for my dealer. Please let me know if
•anything seems to be missing
•anybody gets gets a FORD supplied form from their dealer

NOTE: I am not a tax expert, nor is this tax advice. This is my interpretation of the tax law pulled directly from SECTION 5 of Rev Proc 2022-42

REFERENCED LINKS:
•IRS: Clean Vehicle Credit Seller or Dealer Requirements
•Rev Proc 2022-42

 

[EdwinT]

What goes under Max credit allowable? Don't we need to wait for March for that?

My sales man freaks out as soon as he hears the word tax. I can tell he is zoned out and has the auto response ready: "you will have to talk to your tax consultant". I have a feeling, I need a bit of arm twisting for them to sign this form.

$7500 goes under max credit allowable. There is a calculation section based on battery size. Also at the end of 2022-42 it states that the battery minerals and components requirement will come out later

Yeah, I am very afraid that they will not want to sign this based on some of the jargon and tax info. I wish the IRS kept it simple and only made them put dealer/vehicle information. If you look at some of the post above, most of this info is on the sale documentation. The things that are not are the things that I am afraid I will get pushed back for.

luckily nowhere on here does it make you put the date its provided. So if we get pushback, we can hopefully get a form at a later date.

 

[Maxx]

Here is another home made form in case any of you want to use it. I modified GM form posted earlier. Note THIS FORM IS NOT DISTRIBUTED BY FORD. use at your own risk.

 

[Maxx]

I do wonder sometime come March, would Feds be thinking, why do we need to give incentive to someone that has already bought his truck (Jan-Feb guys)?

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