08-26-2022, 03:37 PM | #67 | |
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One reason behind that the $7500 is to entice manufacturers to produce EV cars, instead of handing subsidies directly to manufacturers. Now that the industry is on its feet, the legislators try to incentivize in other ways. The real issue is that the clause is not extended till end of tax year 2022 so taxpayers can pivot/plan accordingly. |
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08-28-2022, 03:46 PM | #70 |
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Some of us have incompetent congressmen/women.
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08-29-2022, 10:14 AM | #71 |
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08-29-2022, 04:25 PM | #72 |
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08-29-2022, 04:38 PM | #73 |
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08-30-2022, 02:53 AM | #74 |
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It's good to know people are taking these steps instead of just complaining about the new legislation on the forum
We've done all we could, people will have to continue to submit this complaint and IRS will either extend the grace period to end of year without a binding contract or not. |
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08-30-2022, 03:35 AM | #75 | |
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08-30-2022, 08:36 AM | #76 |
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08-30-2022, 10:18 PM | #77 | |
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The IRS guidance does say 5% damage is good enough to be treated as binding for tax purpose, so that's IRS's language to make "written binding contract" applied equally to all states. |
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08-30-2022, 11:23 PM | #78 | |
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2.5% before there is a car and my dealer wouldn't even up the deposit to that since it has to go into their trust account and has to be refundable.
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08-30-2022, 11:45 PM | #79 | |
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It does feel like an impasse, doesn't it? My guess is most taxpayers in other states are in similar shoes. The only ones that can benefit from transition rules are the Fisker direct-order customers that pay up $5k, even Rivian's $100 non-refundable missed the threshold. |
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08-31-2022, 03:21 AM | #80 |
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The problem is that the IRS published its information after the deadline.
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08-31-2022, 10:36 AM | #82 |
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08-31-2022, 11:33 AM | #83 | |
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Just more government incompetence. But at least I will get the Fisker One money. No debating that. It was $5k non-refundable in a binding contract.
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09-12-2022, 08:21 PM | #84 |
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Heard from the IRS today. I was told this would require a legislative change for the i4 to qualify for the credit moving forward.
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09-12-2022, 08:48 PM | #85 |
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Did you tell them they had a keen eye for the obvious?
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09-12-2022, 11:27 PM | #86 | |
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IRS needs to enforce what the bill says. IRS has issued guidance for what constitutes a written, binding contract, but they also made clear that what constitutes a written, binding contract could vary from state to state. That leaves open the door that the determinants for having a written, binding contract to purchase a car in CA could vary from those in NY or any other state. I'm going to end it there and just remind everyone that most people on this forum are not lawyers and not accountants and everyone's opinion is just that, an opinion. |
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09-13-2022, 09:46 AM | #87 |
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