The IRS has introduced temporary relief allowing dealers to retroactively submit time-of-sale reports for EV purchases, even if they missed the original 3-day deadline. Here’s what you need to know:
Key Points
- Deadline adjustment: The IRS suspended the strict 3-day reporting rule for 2024 sales, permitting dealers to submit late reports for transactions dating back to January 2024.
- Eligibility: Buyers can now claim the $7,500 credit if their dealer completes the retroactive submission.
- Requirements:
- The dealer must have been registered for the program at the time of sale.
- The vehicle must meet all other eligibility criteria (battery/components, MSRP limits, buyer income).
Action Steps
Contact your dealer to confirm they’ve submitted the required time-of-sale report through the IRS Energy Credits Online portal. If the report is successfully processed, you can claim the credit on your tax return (or receive it as a point-of-sale discount if the dealer applies it retroactively).
Note: Delays may occur if the IRS requires additional documentation for late submissions.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/can-i-claim-the-tax-credit-if-the-dealer-missed-the-3-day-reporting-deadline/
