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.
Best Answer Click here
Do you have the purchase docs? Do you see a $7500 credit being applied against the price?
Do you have the purchase docs? Do you see a $7500 credit being applied against the price?
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.
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