Electric Tax Vehicle Credit - Dates

[SkyQueen]

I apologize for posting this twice but I can not find my original post. 

I placed a non-refundable deposit on a Prius Prime in June 2022.  The vehicle finally arrived in October 2022 and I took possession of it. 

What do I use for the Date Acquired? 

June when I made the Deposit?  Using June gives me a $4,502 credit. 

October?  Which only gives me a $2,251 credit. 

Turbo Tax is telling me to change the Placed in Service date to August 15, 2022 since my scenario is grandfathered to the tax change in August. 

Thanks for any help

[RobertB4444]

According to the IRS "If you entered a written binding contract to buy a vehicle before August 16, 2022, but took possession on or after August 16, 2022, and before January 1, 2023, you may claim the credit based on the prior rules and disregard the assembly requirement."  

So TurboTax is correct to tell you to use August 15th.

Here is the IRS doc on Electric Vehicle Credits.

@SkyQueen

[SkyQueen]

What should I use for the date acquired?  June or October.  I could argue that it is June since it is a non refundable deposit.

[JohnB5677]

You can make a deposit, or a down payment on a car.  

• A deposit will ensure that no one else can buy the car, but it isn't a guaranty that you will purchase the car, even if it is non-refundable.  The deposit will only give you first right of refusal.
• On the other hand, if you made a downpayment it is a guaranty to the dealer that you will buy the car.

If you made a deposit the date will be the delivery date.

If you made a downpayment it will be the date in June.

Difference between deposits and down payments

[AmeliesUncle]

The Tax Code says the phaseout for the manufacturer is when it the vehicle was "sold".

So when did you legally buy it?