If someone local gets it, that would be good too. but would be great if you you get it. I'm not sure how many signed up for the raffle, but I can't imagine too many if it was just the single event (Maybe 30)...plus, they are looking to sell it today or tomorrow now that its on the lot. So someone would have to be willing to buy or put down a deposit today. Good Luck!
I don't understand how there can be any debate on this since the law explicitly states vehicles purchased for resell are not eligible for the tax credit.
The debate, if there is one, must be whether someone should care about that law or whether the IRS will audit anyone in this situation, which is the same "debate" about any other forms of cash revenue that people decide not to declare to the tax authorities...
That is to say, it's just ramblings from people who don't think the law should apply to them and that they're smarter than the authorities who would enforce the law. It's the same logic any other two-bit criminal clogging our prisons employs when they do their crimes difference being we don't tend to focus on this type of crime (non-violent financial crime) vs. that type (violent street crime).
"Purchased for resell" is hopelessly vague which is why it's a useless metric and is poor legal wording. Anyone is allowed to buy a car and not like it and sell it.
If Congress really cared about this (and if they were competent) they would have worded it in an enforceable way like "must hold for 1 year" or similar. But they didn't.
So you can buy the truck and then decide it's not for you at any time as long as your original intent was not to resell it. So, until the IRS gets mind readers, or you say something stupid, you're fine. You of course would have to report a capital gain if you sell it for more than purchase price.
But the IRS is a capricious organization, so the risk is not zero, but it's near zero in my opinion.
"Purchased for resell" is hopelessly vague which is why it's a useless metric and is poor legal wording. Anyone is allowed to buy a car and not like it and sell it.
If Congress really cared about this (and if they were competent) they would have worded it in an enforceable way like "must hold for 1 year" or similar. But they didn't.
So you can buy the truck and then decide it's not for you at any time as long as your original intent was not to resell it. So, until the IRS gets mind readers, or you say something stupid, you're fine.
But the IRS is a capricious organization, so the risk is not zero, but it's near zero in my opinion.
If you have sold and received an inquiry from the IRS, by the time you pay your tax attorney and/or CPA to deal with the inquiry or audit, you will have flushed a hood portion (if not all) of your tax credit down the drain. Not sure it is worth the hassle if you are one of those who sold a truck with a few hundred miles a week or so after purchase. In this regard, I’m sure the IRS is looking at all the EVs that are being sold on sites like bring a trailer.
I think the risk of getting audited for this reason is basically zero, but each person's tax situation is different and has a different level of audit risk. I'm not suggesting anyone do anything.
Honestly, resell Lightnings aren't really commanding a big price anyway. After sales tax, how much would you make on a Lariat resell? Less than $10k?
"Purchased for resell" is hopelessly vague which is why it's a useless metric and is poor legal wording. Anyone is allowed to buy a car and not like it and sell it.
If Congress really cared about this (and if they were competent) they would have worded it in an enforceable way like "must hold for 1 year" or similar. But they didn't.
So you can buy the truck and then decide it's not for you at any time as long as your original intent was not to resell it. So, until the IRS gets mind readers, or you say something stupid, you're fine. You of course would have to report a capital gain if you sell it for more than purchase price.
But the IRS is a capricious organization, so the risk is not zero, but it's near zero in my opinion.
This is a pointless distinction that I already implicitly referred to in the post you quoted.
First of all, in this conversation we have a person who won a raffle, posted to a social media site that they don't want the vehicle before it's even ready, and then may buy it and immediately sell it. If the person was to be audited then there is no ambiguity...and yes, they will have access to all electronic devices, timestamps, and account information regardless of it being necessary to resolve this otherwise obvious buying to resell.
But more importantly we don't even need to consider the ins/outs of the potential consequences. As I originally stated, once you convince yourself this is appropriate behavior then you can do any manner of any other breaking of laws or evasion of taxes for much more lucrative gains. There are so many ways to intentionally not declare one's income that it's ridiculous to choose this one highly specific example as a way to profit without telling the government. I know a college grad who paid for her degree by allowing strangers to lick her feet for an hour every weekend. They licked her feet while she studied and then they each gave her $500 every weekend. Know other people who were injured in collisions and sold their pain 'scripts to their college buddies. Similar thing with ADHD meds...and we haven't even gotten into the juicy stuff yet.
The whole point is that once you get to a certain level of conversation you're simply discussing ways to break the law without resorting to amateur sex work and/or drug dealing or any other myriad ways to break the law. And that's fine in so far as some of us aren't bothered by people breaking laws that don't involve persons getting hurt...it's just a weird way to talk about making money. It necessarily devolves into non-criminals thinking they can think like criminals without understanding how the laws, or their enforcement, tend to play out.
Case in point: there won't be any investigation nor will there be some big process that people think has a remote chance of occurring. The IRS will simply deny the application! You won't get the credit and would otherwise have to fight to obtain it. If it goes before any third party the argument is over since, as I mentioned, people are not as stupid as novice scofflaws fool themselves into believing. The reality is a reasonable person would look at this situation, and many of the others where this conversation comes up, and immediately recognize the purchase/sale was BS.
Ok that's a bizarre take on just another grey area tax issue of which there are MANY. I do not intend to sell my Lightning, but if I did, after an evaluation period to determine if it was right for me, I would sell it without even a moment of worry about the tax implication. You can do what you want.
They are definitely going through the Raffle list for the local people before offering it to you or someone else...I know this because my girlfriend was called on Saturday. I assume by now, either they found a buyer or maybe you bought it?
They are definitely going through the Raffle list for the local people before offering it to you or someone else...I know this because my girlfriend was called on Saturday. I assume by now, either they found a buyer or maybe you bought it?
