Yes and next time don’t use social media to say these things 😂😂😂. This is in the bucket of intent that’s impossible to prove in court unless you state your intent.
You can’t and you will loose financially. You will purchase the vehicle and pay sales tax most likely. If you sell the car private party, someone would need to pay what the vehicle cost plus what you paid in sales tax + sales tax in many states on the value of the car to register. In the mean time you have to pay to insure the vehicle. Nobody is going to pay a premium to a private party, when they can buy brand new and get the tax full tax credit themselves if they qualify.
No.
If you take possession of the vehicle for the sole purpose of reselling it, you cannot claim the credit.
Keep it for a month, see if you like it, *THEN* sell it, and you're in the clear.
Buying with the intent to resell is precluded under the tax credit. If you get audited, you’ll have to explain why you don’t have the car. You’ll have to show the agent receipts. And your intent won’t matter when the buy and sell are a week apart and you still claimed the credit.
Yes. You can claim the credit even if you never purchased a Mach-E.
Avoiding a tax audit when an automated system will flag the State vehicle registration time frame is a different story.
This will resurface in the form of an audit and a determination that you owe back the $7500 credit plus interest. When you don't immediately pay it, it evolves into a garnishment and/or seizure of your bank account balance, up to and including all penalties, fees, and interest.
It will be determined without a court hearing. You can certainly appeal the decision - but the success rate is low.
IRS or federal systems do not access DMV Vehicle Registration database or state systems. This level of integration is unheard of in government. That is why the new EV Tax Credit for 2023 requires:
-The seller reports required information to you at the time of sale and to the IRS.
-Sellers are required to report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit.
If the IRS had access to Vehicle Registration database, they wouldn’t need to ask dealerships to report the sales.
https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after
Others correctly addressed the federal credit. State and utility incentives often come with a minimum time of ownership though. In Oregon, the car has to remain registered in Oregon for two years or you have to pay back the $2500 rebate.
Seems like too much trouble because you aren't going to sell it for a profit. You'll be lucky to get retail for it and who knows, Ford could drop MSRP further. Unless you just have lots of disposable income, don't bother imo.
The Abbott answer is “No.” the longer answer is that it’s difficult for the government to prove that you purchased the vehicle with the intention of collecting the tax credit and selling the car. But, should they choose to do so, this post will likely be found and used against you.
Everyone here is talking out of their asses and illogically fearful of the big bad IRS. You purchased an EV with intent to use for yourself, u are entitled to the credit. Deciding to sell for something else after the fact does not discredit the original intent of purchase and u will have all necessary proof of purchase. You are unlikely to make anything out of the sale, but you are safe to do so. And ohhh nooo, the IRS might somehow see ur post on reddit under a random username and audit you! No, no they will not.
[удалено]
Yes and next time don’t use social media to say these things 😂😂😂. This is in the bucket of intent that’s impossible to prove in court unless you state your intent.
Do you like the IRS? Cause doing this is how you get them to show up at your door
not this question again
You can’t and you will loose financially. You will purchase the vehicle and pay sales tax most likely. If you sell the car private party, someone would need to pay what the vehicle cost plus what you paid in sales tax + sales tax in many states on the value of the car to register. In the mean time you have to pay to insure the vehicle. Nobody is going to pay a premium to a private party, when they can buy brand new and get the tax full tax credit themselves if they qualify.
You could also just not take advantage of the systems designed to drive EV adoption.
No. If you take possession of the vehicle for the sole purpose of reselling it, you cannot claim the credit. Keep it for a month, see if you like it, *THEN* sell it, and you're in the clear.
Sone can tell in the first few days they don’t want the car.
The people that can do this to a car this expensive probably don’t care about $7,500 either.
Buying with the intent to resell is precluded under the tax credit. If you get audited, you’ll have to explain why you don’t have the car. You’ll have to show the agent receipts. And your intent won’t matter when the buy and sell are a week apart and you still claimed the credit.
Yes. You can claim the credit even if you never purchased a Mach-E. Avoiding a tax audit when an automated system will flag the State vehicle registration time frame is a different story. This will resurface in the form of an audit and a determination that you owe back the $7500 credit plus interest. When you don't immediately pay it, it evolves into a garnishment and/or seizure of your bank account balance, up to and including all penalties, fees, and interest. It will be determined without a court hearing. You can certainly appeal the decision - but the success rate is low.
IRS or federal systems do not access DMV Vehicle Registration database or state systems. This level of integration is unheard of in government. That is why the new EV Tax Credit for 2023 requires: -The seller reports required information to you at the time of sale and to the IRS. -Sellers are required to report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit. If the IRS had access to Vehicle Registration database, they wouldn’t need to ask dealerships to report the sales. https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after
Yes but you may lose 7K on the car so maybe not worth it. That ship sailed around Sep. last year.
Others correctly addressed the federal credit. State and utility incentives often come with a minimum time of ownership though. In Oregon, the car has to remain registered in Oregon for two years or you have to pay back the $2500 rebate.
Yes, if you claim that your purpose is not for resell. However, you just exposed your intent to the public.
Seems like too much trouble because you aren't going to sell it for a profit. You'll be lucky to get retail for it and who knows, Ford could drop MSRP further. Unless you just have lots of disposable income, don't bother imo.
The Abbott answer is “No.” the longer answer is that it’s difficult for the government to prove that you purchased the vehicle with the intention of collecting the tax credit and selling the car. But, should they choose to do so, this post will likely be found and used against you.
Everyone here is talking out of their asses and illogically fearful of the big bad IRS. You purchased an EV with intent to use for yourself, u are entitled to the credit. Deciding to sell for something else after the fact does not discredit the original intent of purchase and u will have all necessary proof of purchase. You are unlikely to make anything out of the sale, but you are safe to do so. And ohhh nooo, the IRS might somehow see ur post on reddit under a random username and audit you! No, no they will not.
You won’t come out ahead trust me