Quote:
Originally Posted by Hersbird
But you don't have to have the tax liability anymore if you do point of sale. I don't understand how they got that from the language of the law, but that's the guidelines directly from the IRS. As the only enforcement for tax laws, I'd say it's a safe bet you don't have to worry about them wanting it back. I am curious how it's going to look on the tax forms. A bad job filling out those could lead to messing up your other taxes because it doesn't wash out right.
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The guidelines to dealers says there is a form for the buyer to sign stating that they qualify for the credit. I personally can't see taking the risk of lying on the form. Only 7 vehicles even still qualify for the full $7500 credit in 2024 when purchased but every one gets the full $7500 if leased. Why take the risk?
The Biden administration is telling the IRS to ignore the text of the IRA and ignore income requirements on the low side. That is how they got to the current guidelines. I can't imagine that will go uncontested by groups that don't like the current administration, don't like EVs, and especially don't like EV credits.
"I'd say it's a safe bet you don't have to worry about them wanting it back"
Tell that to people that thought they were getting their student loans forgiven until that executive guideline was challenged in court and ruled illegal.
There also is no guarantee that Biden will still be president in 2025 when we are doing our 2024 taxes. The next president may direct the IRS to require the repayment of tax credit for people with too little income to quality - just as Biden is directing the IRS to require repayment from those that make too much.