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Question about tax credit and delivery timing

Canthoney

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Hi, apologies if this has been answered in other threads. I have a huge tax liability for this tax year that recently popped up, and obviously want to get the tax credit this year if possible. Right now I have a GT on order which isn’t coming out until next year, so that wouldn’t be helpful. But I talked to my dealer and he said that they have a First Edition on order but they can’t guarantee that it will come here before the end of the year.

So my question for the more accountant oriented, or somebody who has already done this is if you get a build date and a VIN number is that enough to satisfy the EV tax credit form 8936, or does it have to be in service to qualify for the credit? It will be no use to me if it arrives the first week of January, so I’m looking at alternatives. Thank you ahead if anyone has an idea of timing.
 

Mach-E VLOG

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Hi, apologies if this has been answered in other threads. I have a huge tax liability for this tax year that recently popped up, and obviously want to get the tax credit this year if possible. Right now I have a GT on order which isn’t coming out until next year, so that wouldn’t be helpful. But I talked to my dealer and he said that they have a First Edition on order but they can’t guarantee that it will come here before the end of the year.

So my question for the more accountant oriented, or somebody who has already done this is if you get a build date and a VIN number is that enough to satisfy the EV tax credit form 8936, or does it have to be in service to qualify for the credit? It will be no use to me if it arrives the first week of January, so I’m looking at alternatives. Thank you ahead if anyone has an idea of timing.
From the IRS instruction page, it sounds like the EV must be placed in service during the tax year that you are claiming the credit. It doesn't sound like you can just have the VIN for the federal tax credit. https://www.irs.gov/instructions/i8936

For some state tax credits, there may be some wiggle room. In Colorado, there is a statement that you can use the purchase date as long as you take possession within 10 days of that date.
 

hybrid2bev

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Hi, apologies if this has been answered in other threads. I have a huge tax liability for this tax year that recently popped up, and obviously want to get the tax credit this year if possible. Right now I have a GT on order which isn’t coming out until next year, so that wouldn’t be helpful. But I talked to my dealer and he said that they have a First Edition on order but they can’t guarantee that it will come here before the end of the year.

So my question for the more accountant oriented, or somebody who has already done this is if you get a build date and a VIN number is that enough to satisfy the EV tax credit form 8936, or does it have to be in service to qualify for the credit? It will be no use to me if it arrives the first week of January, so I’m looking at alternatives. Thank you ahead if anyone has an idea of timing.
If your dealer has a demo on order (FCTP) the program rules say it has to be in service for a minimum of 4 months (2,000 mile minimum) or 4,000 miles (60 day minimum) before they can sell it to you. So I think the question may be moot.

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LYTMCQ

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To get 2020 tax credit you must purchase car in 2020.
 



 









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