[PA Bolt]

I purchased a Bolt with 800 miles on it. Private sale. The original owner was not able to make use of the federal tax credit. I am 99% sure I may not make use of the federal tax credit, but just checking here in case anyone knows of a way this would be possible.

 

[NewsCoulomb]

As far as I know, it's not legal or possible. Though the IRS does require someone to enter the VIN. If they didn't, it might still meet the criteria.

However, without explicit approval from your tax adviser and the IRS, I would assume it's not possible.

 

[DucRider]

I purchased a Bolt with 800 miles on it. Private sale. The original owner was not able to make use of the federal tax credit. I am 99% sure I may not make use of the federal tax credit, but just checking here in case anyone knows of a way this would be possible.

Tax credit only available to the original owner. Does not matter if they utilized all, part, or none of it.

Intsructions for Form 8936:

The following requirements must be met to qualify for the credit.

You are the owner of the vehicle. If the vehicle is leased, only the lessor and not the lessee, is entitled to the credit.
You placed the vehicle in service during your tax year.
The vehicle is manufactured primarily for use on public streets, roads, and highways.
The original use of the vehicle began with you.
You acquired the vehicle for use or to lease to others, and not for resale.
You use the vehicle primarily in the United States.​

https://www.irs.gov/pub/irs-pdf/i8936.pdf

 

[NY-Rob]

I purchased a Bolt with 800 miles on it. Private sale. The original owner was not able to make use of the federal tax credit. I am 99% sure I may not make use of the federal tax credit, but just checking here in case anyone knows of a way this would be possible.

I hope you took $7,500 off the sale price up front... no way you can apply for the FED tax credit once the car has been titled by the first owner. :crying:

 

[PA Bolt]

I hope you took $7,500 off the sale price up front... no way you can apply for the FED tax credit once the car has been titled by the first owner. :crying:

That was our assumption. I just didn't want to miss it if there were any possibilities of getting the credit. Original owner took a significant loss.

 

[Lbrooks51115]

That was our assumption. I just didn't want to miss it if there were any possibilities of getting the credit. Original owner took a significant loss.

It's too bad the law is written that way. One would think since they can track by VIN number they would allow person (s) to get the credit if the credit had not been claimed for that vehicle...Probably hard to track..oh well sounds like u got a good deal.

 

[Raymondjram]

I purchased a Bolt with 800 miles on it. Private sale. The original owner was not able to make use of the federal tax credit. I am 99% sure I may not make use of the federal tax credit, but just checking here in case anyone knows of a way this would be possible.

If the owner gave you a discount for an almost new Bolt EV, then that is your "credit". Be glad you have this offer. Many buyers don't get any incentives at all. I pay no Federal taxes so I can never get that credit.

 

[NY-Rob]

^ well then you win every year Ray!

 

[PA Bolt]

If the owner gave you a discount for an almost new Bolt EV, then that is your "credit". Be glad you have this offer. Many buyers don't get any incentives at all. I pay no Federal taxes so I can never get that credit.

Right. I would have shared the credit with the original owner (a friend) had I been able to receive it. With my income I could not normally receive it either, but would roll IRA over to Roth IRA to bump my "income" for the year in order to receive it.

 

[GregBrew]

Right. I would have shared the credit with the original owner (a friend) had I been able to receive it. With my income I could not normally receive it either, but would roll IRA over to Roth IRA to bump my "income" for the year in order to receive it.

Ooooh! Smart! :nerd:
I'm playing 401k-Roth tax games as much as possible, going just to the top of my bracket. Converting as much as is tolerable each year. Trying to minimize the forced withdrawal pain at 70.5. It's a game that can save one many thousands of dollars in the long run. A cost of retiring relatively young.0