If it is a lease, then yes. If it is a new car sale, then they shouldn't be able to.New member and quick question: I'm negotiating with a few so cal dealers right now -- and one of them has stated that the final sale price includes the $7,500 federal incentive and that I wouldn't be claiming anything on my 2020 return. Can that be correct -- can the dealer include the incentive in the sale price? I purchased another electric car in the past, so I'm familiar with claiming the federal tax credit.
This. You don't get the tax credit if you lease, because you're renting the car. The company gets it and has to deduct it from the sales price.If it is a lease, then yes. If it is a new car sale, then they shouldn't be able to.
Technically they can sell the car as "new" if it's a registered demo or dealer car, to an extent. It's definitely a shady tactic, though, and I quickly moved away from a dealer that was trying to pull the same.Right. My understanding was the credit goes to the first owner to title. Leasing company for the lease or first owner for the purchase. My suspicion then is that perhaps they are trying to sell me a registered demo --- but I would assume that this would preclude them from selling the vehicle and claiming it is "New".
Regardless, perhaps I should move on to another dealer.... Thanks all.
Update - the IRS Form is now in draft at least..... hopefully this isn't a difficult form to get finalized so those of us that purchased last year can move forward!I wanted to get a head-start on filling out my taxes (at least the part I'm aware of) and was disappointed to see that the IRS hasn't issued a 2019 version of the Form 8936. Any idea how long the IRS takes to do that? I'm good as long as it's done in January.... the EV tax credit is worth waiting on... but I'd like to not wait too long!
Not available on Turbo Tax as of today. They list the 2nd as the day it'll be available through TT.
The California rebate ended on 12/3/19 I had had to lease mine before thenI leased my IPACE 12/19 and I received the full federal credit of $7500 and SCE rebate of $1000. It was taken off the California rebate program due to the price of the car. I guess they figure only Rich people can afford to buy the IPACE. The rebate used to be $2500 but that was removed after 12/19/19 and I leased after that date which sucks. I’m not rich. The only reason I can afford $880 payment a month is because I budget my money very well and not because I’m rich.