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On the 8936 entry in ProSeries for item 4a it asks the question: Did you transfer the credit to the dealer at the time of sale?
On the Taxpayers form 15400, it indicates the following:
Transfer Election
Credit Amount $7500.00
Credit Transfer Election Y
Original use Agreement states I attest to my knowledge as the Dealer, the original use of this vehicle begins with the buyer
Below it states Credit amount provide to the buyer $7500.00.
Please help me! The word "Transfer" on the 8936 and the word "Transfer" on the form 15400 is confusing.
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Do you have the purchase docs? Do you see a $7500 credit being applied against the price?
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Credit Amount $7500.00
Credit Transfer Election Y
Seems obvious to me. It might help to ask the clients if they remember the dealer telling them that the price of the car has been reduced by the $7,500 credit.