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Tax Credits came trough.. on a lease!
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Thread: Tax Credits came trough.. on a lease!

  1. #1
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    Tax Credits came trough.. on a lease!

    Thousands of people told me, "You won't get the federal tax credit on a lease, the dealer gets that" WRONG
    I received the $7500 tax credit
    Also received the CA rebate for $2500 and the San Joaquin Clean Air rebate $3000
    PG&E rebate was $500.

    Total rebates received on my leased 500E : $13,500
    Price to lease the car for 3 years: $6,796 (includes down payment and $36 per month)
    Price to insure car for 3 years with State Farm: $2,520

    13,500 rebates
    -9,316 3 years of lease
    = $4,184 PROFIT

    This doesn't include cost of wear and tear and maintenance on my other vehicles, so the net profit may go up a couple hundred dollars.

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    Quote Originally Posted by GP1776 View Post
    Thousands of people told me, "You won't get the federal tax credit on a lease, the dealer gets that" WRONG
    I received the $7500 tax credit
    Also received the CA rebate for $2500 and the San Joaquin Clean Air rebate $3000
    PG&E rebate was $500.

    Total rebates received on my leased 500E : $13,500
    Price to lease the car for 3 years: $6,796 (includes down payment and $36 per month)
    Price to insure car for 3 years with State Farm: $2,520

    13,500 rebates
    -9,316 3 years of lease
    = $4,184 PROFIT

    This doesn't include cost of wear and tear and maintenance on my other vehicles, so the net profit may go up a couple hundred dollars.
    I guess there are two ways: either dealer gets that and lowers down the price by 7500 or you get rebate. either way - success story

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    The $7500 federal credit goes to the owner of the vehicle. As a lease, the owner is the financing company and you aren't eligible for the credit.

    I guess you didn't read the instructions when you filled out Form 8936: https://www.irs.gov/instructions/i8936

    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.

    Like most things with the IRS, you can claim a lot of credits and deductions, but they don't have a way to verify everything right away. You should assume that you underpaid your taxes by $7500 for last year. The IRS might catch up with you eventually (could take years) or you might get lucky. To come clean with it, file an amended tax return.
    Last edited by rkw; 03-30-2018 at 03:46 PM.

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    I agree, all you accomplished is filing for a federal rebate on your tax return that you weren't entitled to. You could also claim property tax credits for a house you don't have and claim you earn half of what your W-2 says. Audit rates are low but..... they aren't going be happy. Best case is that you only have to pay back the $7500 with interest, worst case penalties on top of that if they think you did it on purpose.

    The fact that it "went through" means nothing.

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    sariaa (04-06-2019)

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    Senior Member Dirty Blond's Avatar
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    Boys are right, but damn, the gloom and doom !

    I'll try to point out the bright side. Panama is lovely this time of year.
    -Dirty Blond
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    As a follow up, Chrysler will also be filing for that $7500 tax credit tied to your VIN number in a few weeks time. You may want to call the IRS and get that straightened out before then.

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    Enthusiastically Slow Lifetime Member Ando's Avatar
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    Quote Originally Posted by lbowroom View Post
    Audit rates are low but..... they aren't going be happy.
    I've been audited for a much smaller error. Not a terribly fun process. =/ Avoid it if you can.

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    Quote Originally Posted by lbowroom View Post
    As a follow up, Chrysler will also be filing for that $7500 tax credit tied to your VIN number in a few weeks time. You may want to call the IRS and get that straightened out before then.
    It shouldn't be necessary to contact the IRS directly. Just file an amended return that removes the claim for the tax credit (Form 8936). It would recalculate your tax obligation, and if you pay any balance due you'd be settled with the IRS (for this item only ).

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    This is why I love this group. Needed this answer and here it is.

    Follow up question: Mine "is" going through (still doing taxes and now am about to remove credit after reading the comments) :-) ) but I was wondering, could I have lucked out and the 500e owner just never claimed the EV tax credit and now I can?

    I wonder how that can be verified? Must be a database somewhere.

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    Quote Originally Posted by sariaa View Post
    could I have lucked out and the 500e owner just never claimed the EV tax credit and now I can?
    Assuming that your 500e is a lease return, the first owner would have been the leasing company (Chrysler Capital) and it's very unlikely that they missed taking the tax credit.

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