IRA Credit for 2022 EV
Under the transition rules for IRA for the IRC 30D EV credit, if I have a prior to 08/16 purchase agreement for an eligible 2022 vehicle but did not take delivery of the car yet, I can still claim old credit. It would need to be treated as if it was purchased prior to 08/16. In this situation
1) What kind of paperwork do I need to show for claiming this during Turbo tax 2023 season? I have a signed purchase order from March ‘22 with a $1000 deposit that says “Not binding unless not signed by dealer”. Is this sufficient? Or do I need to make an explicit purchase agreement before 08/16 with a 5% deposit?
2) Is the credit for Toyota brand vehicles subject to any phaseout after 09/30? Since the IRA came into effect would it stop the count for 200k vehicle limit?
I am anticipating that I will take delivery and complete registration for a 2022 Toyota RAV4 Prime in month of October.
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1) The signed purchase order from March ‘22 with a $1000 deposit is sufficient.
2) Any vehicles that were previously phasedout have been reset for the credit. So the phaseout has been removed.
1) The signed purchase order from March ‘22 with a $1000 deposit is sufficient.
2) Any vehicles that were previously phasedout have been reset for the credit. So the phaseout has been removed.
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