What's so hard. Just go to the irs regulations, form 8936 and the links on the form explanation, not what some dealer said or what some forum member or turbotax said. You own the car the date of title transfer no matter if the car sits at the dealer or in your garage. If you try fudging the date on the title transfer application I'm pretty sure that would be illegal.
In the links you will find:
.07 Acquired. A vehicle is not “acquired” before the date on which title to that vehicle passes under state law.
Man… I must be slow or something…what I see on 8936 for Line 7 is:
Section 179 expense deduction (see instructions)
And then the instructions say…
Enter any section 179 expense deduction you claimed for the vehicle from Part I of Form 4562, Depreciation and Amortization.
Also line 7 is seemingly only applicable for Business use and not Personal Use.
Where is the part about Acquired? I know I must be looking in the wrong place?
Also, I see this in the instructions that specifies the requirements for qualification below and the one that stands out to me is: “You placed the vehicle in service during your tax year.” which matches line 3 regarding “Date Placed in Service”…
1. “Acquired = Title date” for personal use or
2.“Acquired = Date of the Signed Contract to Purchase” for Personal use or
3. “Date Placed in Service = Put in use” for business purposes or
4. “Date Placed in Service = Date when taking physical possession by driving off dealer lot” for personal use or business use?
It is just not clear to me which of the four it is or if there is some other interpretation I’m not seeing or not understanding or misinterpreting?
Thanks again for any expertise and explanation you can provide…trust me I do NOT want to make this complicated…I just don’t understand what date to use in Line 3 in Form 8936…which I’m interpreting as the date that matters to qualify …unless for some reason it is not.
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.