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X5 E70 (2007 - 2013)
E70 BMW X5 produced between 2007 and 2013. Discuss the E70 X5 with other BMW owners here.

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  #1  
Old 11-20-2010, 04:17 PM
Popdisplay Popdisplay is offline
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Mein Auto: Boxster
$1800 tax credit on the Diesels

In order to claim the credit on the 2010 tax return, must the car be ordered, paid for, or delivered within 2010.

In other words, if the car is paid for in 2010 and delivered some time in Jan, for example, will the tax credit be avail to claim in 2010 or 2011?
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  #2  
Old 11-20-2010, 04:36 PM
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JMK JMK is offline
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Mein Auto: '11 X5 35d
if you paid for it in 2010, then you can claim the deduction for 2010. If you're doing the PCD, they will have you pay for the car about a week before you get it from PCD. I was told that by my dealer. So, as long as you paid for it in 2010, delivery can be at any time.
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  #3  
Old 11-20-2010, 04:41 PM
ard ard is offline
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Mein Auto: '12 X5 35d/E39M5/996TTX50
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Originally Posted by JMK View Post
I was told that by my dealer..
Last person I'd trust for tax advice.

What will the date be on the bill of sale you get?
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  #4  
Old 11-20-2010, 05:04 PM
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JMK JMK is offline
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Originally Posted by ard View Post
Last person I'd trust for tax advice.

What will the date be on the bill of sale you get?
Not for the tax, for paying for the car before PCD. All paperwork and documentation must be done before delivery at the Performance center!
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  #5  
Old 11-20-2010, 09:17 PM
Penguin Penguin is offline
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Quote:
Originally Posted by JMK View Post
Not for the tax, for paying for the car before PCD. All paperwork and documentation must be done before delivery at the Performance center!
P.S. I believe the tax credit will no longer be available after the 2010 tax year.
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  #6  
Old 11-20-2010, 04:46 PM
saranr saranr is offline
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As an FYI this tax credit is only available if you purchase the car. Not lease it.
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  #7  
Old 11-20-2010, 09:16 PM
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Technically and legally, the vehicle must be put into service before 1/1/11. Practically speaking, if you have a bill of sale dated 12/31/10 or earlier, it is unlikely that you will have any problems with the IRS.

If by any chance you are audited and they see the car was delivered after 12/31/10, you will lose the deduction and may incur a penalty.
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