To complete a time-of-sale report for clean vehicle credits as required by the IRS, the following information must be included:
- VIN (Vehicle Identification Number): The 17-digit VIN without spaces or dashes must be entered into the IRS Energy Credits Online system.
- Buyer Information: This includes the buyer’s name, which should match their legal name on official identification, and their taxpayer identification number (such as an SSN, ITIN, or EIN).
- Vehicle Eligibility Confirmation: The IRS Energy Credits Online system provides real-time confirmation of a vehicle’s eligibility based on the VIN provided by manufacturers.
- Seller/Dealer Information: The report must include details about the seller or dealer, such as their registration status for time-of-sale reporting, which is essential for submitting reports.
- Transaction Details: The date of sale and any applicable advance payment requests need to be documented.
Once submitted, a copy of the accepted time-of-sale report must be provided to the buyer, as it is required for them to claim the Clean Vehicle Credit on their tax return.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-information-is-required-on-the-time-of-sale-report/
