tax documents for new purchase

[napsfolyfe]

so bought a new model y this year. was not really given any docs to file for taxes. was told this was going to be mailed out for this coming tax year's filing.

question goes out to those who bought one last year or have any real information. when you bought your Tesla, did you receive any tax documents or was it the same "you'll get it in the mail"?

thanks.

 

[HankLloydRight]

Can't answer your question, but here's a lot of good info about it:

EV Tax Credit 2023-2024: How It Works, What Qualifies - NerdWallet

The EV tax credit is a federal tax incentive for taxpayers looking to go green on the road. Here are the rules, qualifications and how to claim the credit.

www.nerdwallet.com

 

[ATPMSD]

In looking at the form and instructions, it appears all you will need is the date placed into service and the VIN.

About Form 8936, Clean Vehicle Credit | Internal Revenue Service

Information about Form 8936, Qualified Plug-In Electric Drive Motor Vehicle Credit, including recent updates, related forms and instructions on how to file. Form 8936 is used to figure credits for qualified plug-in electric drive motor vehicles placed in service during the tax year.

www.irs.gov

 

[HankLloydRight]

In looking at the form and instructions, it appears all you will need is the date placed into service and the VIN.

That was for the 2022 tax credit. The rules changed for 2023 and you need a lot more documentation now.

see: EV Tax Credit 2023: How It Works, What Qualifies - NerdWallet

 

[ATPMSD]

That was for the 2022 tax credit. The rules changed for 2023 and you need a lot more documentation now.

see: EV Tax Credit 2023: How It Works, What Qualifies - NerdWallet

I appreciate your point, this is the note from the form I linked to:

“Note: This credit is for qualified plug-in electric drive motor vehicles placed in service before 2023, qualified two-wheeled plug-in electric vehicles acquired before but placed in service in 2022, and new clean vehicles placed in service after 2022. See separate instructions for vehicle definitions and other requirements.”

The tax form does not call for any additional information. On the other hand, the IRS instructions for the form says:

”The seller of new clean vehicles (including fuel cell vehicles) will provide a report to the purchaser providing information needed to claim the credit”

Fun times ahead!

 

[napsfolyfe]

yeah I've read all the docs and as many websites as I care to read on this matter. I was just curious for those who bought their EV last year if the process included receiving any documents to file with your returns during the purchase process or at delivery pick up, or was it mailed to you like every other tax document you would need to file with your returns. and the question applies to those who bought/picked up their vehicle this year as well I guess.

 

[HankLloydRight]

so bought a new model y this year.

I was just curious for those who bought their EV last year if the process included receiving any documents to file

Last year? No, no documents would have been included, as filling out the tax form before 2023 only requires the VIN and In-service date. 2023 is different, and Tesla should be sending you the info the IRS claims is required to be sent. I suspect by late this year or early 2024 Form 8936 will be changed to reflect this.

 

[ATPMSD]

2024 Form 8936 will be changed to reflect this.

It will not be a 2024 form 8936 as the tax year is 2023, but I think the one posted is a “draft” form?

 

[HankLloydRight]

It will not be a 2024 form 8936 as the tax year is 2023, but I think the one posted is a “draft” form?

You miss quoted me. I didn’t say the 2024 form, I said the 2023 form might be revised by late this year or “early 2024.”

 

[ATPMSD]

You miss quoted me. I didn’t say the 2024 form, I said the 2023 form might be revised by late this year or “early 2024.”

You are correct.

 

[napsfolyfe]

just a follow up - contacted my tax guy and he said to bring the purchase docs and registration. so while Tesla didn't provide any (but I thought they were suppose to), I'll leave it to my tax dude to take care of it.

 

[eux118]

If I purchase and pickup a Model Y today, 24 September, 2023, AND qualify for the $7500 tax credit when I file my tax return for the year 2023, is Tesla providing the following at delivery per Nerdwallet? Has anyone received this documentation or been told by Tesla when they will receive it from Tesla for a qualifying purchase in 2023?

• Name and taxpayer identification number (TIN) of the seller.
• Name and TIN of the taxpayer.
• Date of sale and sales price.
• Verification of the maximum tax credit the vehicle is eligible for.
• The clean vehicle’s VIN, or vehicle identification number.
• The clean vehicle’s battery capacity.
• Verification that the taxpayer is the original user of the vehicle.
• A statement of declaration from the seller under penalty of perjury.

 

[ATPMSD]

I double you will get anything special from Tesla. Here is a link to IRS form (which could change) that you will file:

About Form 8936, Clean Vehicle Credit | Internal Revenue Service

Information about Form 8936, Qualified Plug-In Electric Drive Motor Vehicle Credit, including recent updates, related forms and instructions on how to file. Form 8936 is used to figure credits for qualified plug-in electric drive motor vehicles placed in service during the tax year.

www.irs.gov

Here is a potentially useful link

Federal Tax Credits for Plug-in Electric and Fuel Cell Electric Vehicles Purchased in 2023 or After

Save up to $7,500 on qualifying vehicles!

fueleconomy.gov

 

[eux118]

Thanks. I reviewed IRS guidance and forms. Not yet updated apparently for 2023 tax filing year to attain $7500 credit for vehicle delivered in 2023. Does make me wonder what Nerdwallet’s source is for extensive documentation.

 

[ATPMSD]

Does make me wonder what Nerdwallet’s source is for extensive documentation.

Up until the 1st quarter, the IRS had not defined all the ground rules. Once they did, they created a list of qualified cars. Nerdwallet’s list seems to be based on what was required before 1st quarter. But time will tell, of course.

 

[SanfordRich]

If I purchase and pickup a Model Y today, 24 September, 2023, AND qualify for the $7500 tax credit when I file my tax return for the year 2023, is Tesla providing the following at delivery per Nerdwallet? Has anyone received this documentation or been told by Tesla when they will receive it from Tesla for a qualifying purchase in 2023?

• Name and taxpayer identification number (TIN) of the seller.
• Name and TIN of the taxpayer.
• Date of sale and sales price.
• Verification of the maximum tax credit the vehicle is eligible for.
• The clean vehicle’s VIN, or vehicle identification number.
• The clean vehicle’s battery capacity.
• Verification that the taxpayer is the original user of the vehicle.
• A statement of declaration from the seller under penalty of perjury.

I purchased a Tesla Model Y Long Range on 7/1/23 and did not receive that report. The IRS guidelines say to qualify for the $7500 credit, the report is to be provided to the buyer at the time of the sale. It probably only becomes an issue if you are audited but that does not feel like a good answer to this issue. I am trying to contact Tesla but their website does not make it easy for this type of issue. The report is definitely supposed to be provided to the buyer by Tesla at the time of purchase, not later. Anyway, the main comfort I can take is that I think a lot of folks have the same problem. If it turns out we don't get the tax credit because Tesla did not provide the report, I can see a class action lawsuit against Tesla. Of course, that is not the solution I am hoping for. IRS website info (see Q9 and Q10):

Topic B — Frequently Asked Questions About Income and Price Limitations for the New Clean Vehicle Credit | Internal Revenue Service

 

[Tam]

...issue...

Did Tesla ask for your Social Security Number for the purchase?

I don't see how Tesla can report to the IRS without your Social Security Number so the IRS can match Tesla's report with your filing.

 

[ATPMSD]

“The first reports from Sellers will be due on January 15, 2024.”

 

[lunaj23]

Not sure when it was added, but under "Documents" in my Tesla account, there is now an IRA Clean Vehicles Credit Report with the necessary information from the seller . The form was signed 12/30/23, so it must have been posted to my account fairly recently.

 

[lunaj23]

I am not sure why it's titled with "IRA" maybe it's a typo and they meant IRS?