Dealer EV tax credit experience

[Dino]

I purchased my new 2023 Lightning XLT on Jan. 4, 2024. I talked to several dealers in the Nashville area about the new tax rebate rules but none of them knew anything about it. Finally one dealer said they could give me the $7,500 rebate credit so I bought my 60k truck from them. I have asked them several times for the IRS form to no avail. They did give me a $7,500 so called rebate but I am sure it was just a price reduction to get the truck off their lot. I am able to buy Ford vehicles utilizing Ford Z Plan (below dealer cost) and used it to purchase this truck.
I just wonder how many 2024 purchase date Lightning/Mach E buyers actually have received the correct IRS paperwork?
Myself and my Lightning fully qualify for the tax rebate.

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[TaxmanHog]

I purchased my new 2023 Lightning XLT on Jan. 4, 2024. I talked to several dealers in the Nashville area about the new tax rebate rules but none of them knew anything about it. Finally one dealer said they could give me the $7,500 rebate credit so I bought my 60k truck from them. I have asked them several times for the IRS form to no avail. They did give me a $7,500 so called rebate but I am sure it was just a price reduction to get the truck off their lot. I am able to buy Ford vehicles utilizing Ford Z Plan (below dealer cost) and used it to purchase this truck.
I just wonder how many 2024 purchase date Lightning/Mach E buyers actually have received the correct IRS paperwork?
Myself and my Lightning fully qualify for the tax rebate.

You might want to read over the settlement documents for the sale, look for how they entered the "retail sales tax credit" or some language to that effect, also what were the promotions at the time of your deliver? Match that up with the line entries.

If your still feeling as though they pocketed any factory sales incentives, maybe a discussion with your states consumer protection agency could get to the bottom of this.

 

[Dino]

I don't think the dealer pocketed anything. I think they did not want to fool with the IRS paperwork and just gave me a $7,500 credit so I would buy the truck and get it off their lot, I have no concerns about the low price I paid for my truck. I think/hope come January 2025 I will be able to get the $7,500 tax credit on top of the low price that I paid. Maybe the IRS will set up something that allows 2024 purchasers to see if their EV purchases have been properly registered with the IRS by the dealers. Like I said I have asked for the required IRS paperwork and have not received it.

 

[TaxmanHog]

I don't think the dealer pocketed anything. I think they did not want to fool with the IRS paperwork and just gave me a $7,500 credit so I would buy the truck and get it off their lot, I have no concerns about the low price I paid for my truck. I think/hope come January 2025 I will be able to get the $7,500 tax credit on top of the low price that I paid. Maybe the IRS will set up something that allows 2024 purchasers to see if their EV purchases have been properly registered with the IRS by the dealers. Like I said I have asked for the required IRS paperwork and have not received it.

https://www.fueleconomy.gov/feg/tax2023.shtml

When you file, you still need to validate.... https://www.irs.gov/pub/irs-pdf/p5900.pdf

It will be interesting to see what happens to you or the dealer if there is an incident of claiming credit twice!

 

[Dino]

I am not trying to get the IRS credit twice. It just seems the IRS would have some way for me to check my VIN and see if my truck received an IRS credit at all. If the truck has, I have to submit the required paperwork, that I have not received. If the truck has not I should be able to claim that credit on my 2024 taxes in 2025.

 

[mrau]

I just wonder how many 2024 purchase date Lightning/Mach E buyers actually have received the correct IRS paperwork?

Purchased in Feb 2024 and received $7500 tax credit at the point of sale.
I did get Form 15400 from dealer with all my paperwork on day of the sale. Dealers are required to give you that Form regardless if you did Point of Sale tax credit or plan to do the credit on your own.

Without Form 15400 you won't know what the dealer did. Clearly states on the Form if a Point of Sale tax credit was used. As a buyer, you have to declare to the dealer you are eligible for the tax credit in order for the dealer to do Point of Sale.

Short answer: you need to get Form 15400 from your dealer. You will need it when you file taxes next year.

 

[Dino]

I did not receive the form and cannot get it so far. Myself and my truck fully qualify for the tax credit and I supplied the dealer all info to have the credit applied at time of purchase. They did give me a $7,500 so called rebate but will not give me the IRS required paperwork. Come next January what am I supposed to do?
If the dealer did actually do the correct IRS paperwork and gave me the $7,500 upfront, I will be in violation of IRS rules because I will not be able to provide the paperwork to verify. If like I think the dealer did not contact the IRS at time of purchase, why shouldn't I be able to get the credit on my taxes next year? The IRS should be able to tell me whether or not I received the tax rebate. I can't imagine I am the only one this happened to the first couple of weeks in January 2024 the dealers were in total confusion on what to do. and desperate to get EV's off their lots.

 

[mrau]

Come next January what am I supposed to do?

Best not to wait until next January.

Might send a certified letter to owner of dealership requesting Form 15400. May also be a good idea to cc: copy of letter to Ford Customer Service or the Ford BEV team.

Time to be the "squeaky wheel".

 

[TaxmanHog]

I am not trying to get the IRS credit twice. It just seems the IRS would have some way for me to check my VIN and see if my truck received an IRS credit at all. If the truck has, I have to submit the required paperwork, that I have not received. If the truck has not I should be able to claim that credit on my 2024 taxes in 2025.

It does not have a consumer facing utility for that purpose for easy query ...... though I wonder if there will be a record generated in the IRP database under your SSN [Information Returns Program]

If you have access to IRS online accounts services, you can order your own IRP documents, but I don't think they have published anything for tax year 2024 yet, though these reports will be trickling in dribs & drabs with each sales report.

https://www.irs.gov/individuals/transcript-types-and-ways-to-order-them

 

[RocketGhost]

I did not receive the form and cannot get it so far. Myself and my truck fully qualify for the tax credit and I supplied the dealer all info to have the credit applied at time of purchase. They did give me a $7,500 so called rebate but will not give me the IRS required paperwork. Come next January what am I supposed to do?
If the dealer did actually do the correct IRS paperwork and gave me the $7,500 upfront, I will be in violation of IRS rules because I will not be able to provide the paperwork to verify. If like I think the dealer did not contact the IRS at time of purchase, why shouldn't I be able to get the credit on my taxes next year? The IRS should be able to tell me whether or not I received the tax rebate. I can't imagine I am the only one this happened to the first couple of weeks in January 2024 the dealers were in total confusion on what to do. and desperate to get EV's off their lots.

You don't actually need form 15400 to file your taxes, it is just for your own records. You need the "information" from it, but it's just basic stuff you can already get, like name and address of dealer, VIN, etc. The form serves as confirmation that the vehicle VIN is eligible for the credit and the sale was properly reported.

The IRS says in a FAQ that if the dealer didn't give you the form you can contact the IRS for assistance. Based on that I assume that they can verify the sale was reported and/or provide you a copy of the form. Note that this is only directed to help if you didn't get the form, not for help if the dealer didn't report. I recommend finding that FAQ and going ahead and contacting the IRS.

I bought my truck last week and the dealer couldn't take the credit at point of sale. They told me that despite it being eligible for the credit, the IRS only allows transfer of the credit for 23+ model years, and mine was an unsold 22. I made sure I they reported the sale to the IRS and gave me form 15400 before I left the dealership. I'm confident I won't have any problems getting the credit at tax time.

If the dealer didn't take the tax credit, didn't report the sale, and the IRS won't budge on the dealer reporting requirement, then you have a strong case against the dealer for them to cough up 7,500 of their own money to you for their mistake. A dealer 7,500 discount cannot substitute for the credit. The credit is between you and the IRS.

 

[TaxmanHog]

https://www.fueleconomy.gov/feg/tax2023.shtml

https://www.irs.gov/pub/taxpros/fs-2023-22.pdf

Link in graphic https://www.irs.gov/clean-vehicle-tax-credits

Another thread post with information about how to contact IRS
https://www.f150lightningforum.com/...it-paperwork-post-62.19504/page-5#post-390948

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