2023 Tax Credit on X5 45e

[Irashid]

Hello,

I purchased my 2023 X5 45E on March 30th, 2023 and am planning on filing for the EV tax credit it qualifies for 2023. During my purchase I asked them what document do I need to get from them to do that and they replied I have all the documents needed for the EV tax credit filing.

I went to IRS website and found that the dealer needs to send IRS information about the sell and the buyer to get that vehicle qualified for the tax credit.

Did anyone process anything similar with their purchase? How did they deal with the dealership regarding the matter? Is there still time to complete the formalities to get the tax break? Any insight will be helpful.

Thank you for your support.

[TurtleBoy]

Just file for it and you will be fine. There are some dealer reporting requirements that they likely will comply with but even if for some reason they don't you will get the credit.

[Irashid]

Thank you for your response. Do, I need to submit any other document except for Form 8936 along with the other regular tax forms?

[TurtleBoy]

Originally Posted by Irashid

Thank you for your response. Do, I need to submit any other document except for Form 8936 along with the other regular tax forms?

No, that is all you need. The form that dealer should be giving to buyers just has general information about the vehicle and credit on it, not something that needs to be filed.

[Irashid]

I did not receive any form as such from the dealer during my purchase. Did I mess up by not pro-actively seeking that specific document? In fact, I asked them is there any other document I need for the tax credit and they replied (all verbal)you have all you need to file the tax credit.

[TurtleBoy]

Originally Posted by Irashid

I did not receive any form as such from the dealer during my purchase. Did I mess up by not pro-actively seeking that specific document? In fact, I asked them is there any other document I need for the tax credit and they replied (all verbal)you have all you need to file the tax credit.

No, receiving that form has no effect on whether you get the credit or not.

[Irashid]

Thank you! Appreciate the response and insight.

[TurtleBoy]

Originally Posted by Irashid

Thank you! Appreciate the response and insight.

Anytime. For what it is worth, the IRS extended the deadline for the dealers to submit the 2023 15400 information until January 31st. Evidently many dealers have not done anything.

[Irashid]

That's great news. I am waiting to hear back from the dealer about this matter but I will specifically ask them about the 2023 15400 information submission. Thanks again, this was very helpful.

[TurtleBoy]

Originally Posted by Irashid

That's great news. I am waiting to hear back from the dealer about this matter but I will specifically ask them about the 2023 15400 information submission. Thanks again, this was very helpful.

I would hope they have the information but here is a link to the reporting information. https://www.irs.gov/credits-deductio...r-requirements