No, absolutely not.
You missed the ither base requirement that specifically states that the vehicle can not have been first put into service by the same person as the one claiming the used credit.
Its written in such a way that even the “well technically the bank took the tax credit on a lease” doesnt get you out of it.
That’s great to prevent double-dipping.
Seems like you’re screwed all ways on a lease? The captive banks won’t qualify because they likely exceed income caps, and the individual won’t qualify when trying to buy out the lease.
Ya, the new language looks like leasing may be difficult as far as the credit goes.
On the bright side, most vehicles wont get the tax credit anyway
BOLT EV cheap lease wherein fed rebate was applied to leased price. Now time to return leased Bolt. But if I buy her, another $4K in federal rebate as new owner. But has to be purchased through licensed dealer. Anyone play this game and how did they maximize the savings?
As discussed previously, you won’t be able to do this. Just one of several threads
The good news is that your savings in food and lodging may go close to zero with the new accommodations, lol
Perhaps you are not reading the law. Already talked to stealership but not the top dog. He said they often do all the paperwork for a lease buyout and can then title in the spouse’s name (new owner) as a sale from the dealership. $4000 eligible. All legal. Stealership wants $$$ to do the paperwork as it looks like it must happen at a Chevy dealer. Need insight from someone who has accomplished this.
I’m sure this will end up being a fascinating legal case some day (not necessarily you, but someone doing this).
If property is communal in a marriage, do husband and wife both satisfy the irs definition of having put the vehicle into service, even if only one is on the original contract.
I think everyone knows I got no love for the entitlement enforcement service, but you definitely gotta tread lightly when it comes to the same folks Capone couldn’t buy off.
I wouldn’t even post about the OP subject matter anywhere it can be read by prying eyes.
Yes, much to gain from me as I am just like Capone, with same income. Get real. Leasing company got the $7500 first time around, not me. Many companies don’t pass along this “savings” now. So just waiting for my turn for the next IRS incentive. If I buy a new EV, I get $7500. So keep the old, pocket $4000. Every EV is now eligible for the douple dip. I thought you guys here are all Hackers. Cowboy up. All that matters is the Benjamins. If I wanted a real deal, I would be on key_fob_hackers, boost a Ferrari, and let her sit in the garage for 4 years until the statute of limitations runs out.
I think what is being said here is, this is a grey area with a significant downside if you are not correct. In the very least, it may not be ideal to discuss this online until you are sure.
Per tax attorney, all is above board. Looking to see who else has accomplished it and what the dealership wanted to push through the paper or if there’s another way with an indy dealership. People here will beat a dealership for $100, squeeze a broker, but when it comes to a real savings with the feds, you tuck and run? Even you, hacker emeritus? It’s all legal as follows the law.
Do you want advice or do you want confirmation bias?
Go ahead and try it, just know that hiring an attorney for the potential audit you may get hit with will cost you more than the credit you’re after.
It sounded like you were asking for peoples opinions in this thread. If its legally settled, then theres no need for any advice from others.
Many ways to orchestrate the deal, but a dealer must be involved. Not asking for opinions if you read the post - I am seeking others who accomplished the goal and who they involved to effect the transfer. That’s the request for advice.
Could it be as simple as just buying it out from the Leasing company ( I assume they quallify as a dealer as they do this all the time) at the original Residual value?
If not then ask your dealer how they acquire it and if you are willing to trust that they are going to sell it to you at the price they acquire it for. either way as long as “the dealer” gives you the and the IRS the document.
The sale qualifies only if:
A dealer is a person licensed to sell motor vehicles in a state, the District of Columbia, the Commonwealth of Puerto Rico, any other territory or possession of the United States, an Indian tribal government, or any Alaska Native Corporation.
Required information includes:
Are they willing to represent you pro bono should this go belly up?
If you read the IRA, or even the IRS bulletin, the answer is no. It has to be at least 2 years old, it has to transact through a dealer, you can’t be the first person to put the vehicle in service.