IRS Releases Crucial Tax Credit Guidance For Rivian Buyers
If you are like the thousands that locked in your purchase agreement in 2022 for your Rivian R1T or R!S, the IRS has released an update on how to claim your EV tax credit.
To qualify, your binding contract must have been signed before August 15, 2022.
This allows you to claim the original EV tax credit without restrictions on MSRP, buyer income, or manufacturing location, even if you don't take delivery of your Rivina until 2023 or later.
In order to claim this credit, you must use IRS Form 8936.
You must elect the EV tax credit on your 2022 tax return after you take delivery of the vehicle. This is important to note, as some buyers believe the credit can be taken on their 2023 returns.
Per the IRS release:
1 > Depending on the date the vehicle is delivered, you can claim the credit on your original, superseding, or amended 2022 tax return.
2 > Taxpayers who took delivery in 2023 or after must use August 15, 2022 as the date placed in service when filing Form 8936.
Lee Reams, Sr, the Editor-in-Chief of TaxBuzz, noted, "Since most Rivians are being delivered in 2023, there is a good chance that you will need to amend your tax return if you filed before you took delivery. You could file an extension, which allows you until the October individual deadline."
Rivians are manufactured in Normal, Illinois, but the prices and lineup may vary for future EV tax credit consideration.
If you have any further questions about your EV tax credit, please don't hesitate to contact your tax professional.
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