Beginning with the 2024 tax year, to claim either a New Clean Vehicle Credit or the Previously-Owned Clean Vehicle Credit, registered dealers must submit an IRS Form 15400, Clean Vehicle Seller’s Report, to the IRS on its Energy Credits Online portal within 72 hours of the sale of a qualifying vehicle. Both the taxpayer and the dealer must have a copy of this report to:
- Claim either of these credits on the taxpayer’s tax return; or
- Transfer either of the credits to the dealer at the time of sale (referred to as an advance credit).
Unfortunately, many dealers were not submitting this report to the IRS in a timely fashion (if at all), which resulted in the taxpayer being denied the credit and/or the dealer being denied the advance credit.
According to an alert issued by the National Automobile Dealers Association, the IRS has now reopened the portal for dealers to submit the 2024 Form 15400 and is waiving the 72-hour submission deadline. To date, we are not aware of a specific timeline by which these reports must be submitted.
Taxpayers who were unable to claim the credit previously for the 2024 tax year due to the lack of a Form 15400 should contact their automobile dealer now to obtain the report while the portal remains open for dealers to submit their 2024 seller reports.
Sign up for Spidell’s 2025 Post-Tax Season Update and Review and prepare yourself to tackle extensions with confidence. Click here for details.
Sign up for Spidell’s Flash E-mail — Get breaking news delivered to your inbox, plus other free analysis and information for tax professionals. Join our community and stay at the top of your game. Click here to sign up
