Discussion:Hybrid Vehicle Tax Credit
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Discussion Forum Index --> Tax Questions --> Hybrid Vehicle Tax Credit
DR BRISKET (talk|edits) said: | 14 September 2006 |
| My client is wanting to purchase a new vehicle which would qualify him for the Hybrid Vehicle Tax Credit. The particular vehicle he wants will not be delivered to the dealer until 10/7/06. To qualify for the full credit, the vehicle must be purchased by 9/30/06. If my client would actually pay for the vehicle by 9/30/06 by obtaining a loan somewhere, would he still be able to take the full credit. Or is the credit determined by when the vehicle would actually be "placed in service". Any input here would be greatly appreciated. | |
Death&Taxes (talk|edits) said: | 14 September 2006 |
| The phrase 'placed in service' is used in Sec. 30B. | |
| 19 March 2009 | |
| D&T, I agree with your answer. Both sec 30B and Form 8910 refer to date 'placed in service'. Seems really clear to me.
However, I want to check current opinion on this, since it's an old post, and this has to do with my father whom could really use an extra $1700 -- in case I'm missing something the IRS put out in the past two years or so regarding "pre-orders". Without discussing with me first, my father put a deposit on a Ford Fusion 2010 Hybrid yesterday, partially relying on the car salesman saying he would get a $3400 tax credit. Ford sold its 60,000th qualifying vehicle in 2008 Q4, so 2009 Q1 purchases get 100%, Q2 and Q3 get 50%, Q4 and 2010 Q1 get 25%, and beyond that there is no credit. To quote Riley2, "Do you know how you can tell when a car salesman is lying? Answer: when his lips are moving." Nothing has changed on the interpretation of ordering a vehicle in a different quarter than when the dealership receives it, right? He only gets 50% (assuming they don't get it to him by end of the month and can get it to him by the end of 2009 Q3)? | |
Anytaxpayer (talk|edits) said: | March 19, 2009 |
| How can I find our what quarter the 60K car was sold? | |
Wonder Woman USA (talk|edits) said: | 19 March 2009 |
| Ask your client when she bought it.
There are no more credits for Toyota Prius, by the way. If that's what your client bought, she's SOL. | |
Anytaxpayer (talk|edits) said: | March 19, 2009 |
| Thanks Wonder Woman. I took a look at the IRS information on this but I'm having difficulty understanding all the conflicting charts. Or maybe it's not conflicting; I just can't figure it out.
To make the matter worse, the software I'm using (TaxAct) figures the credit at zero but my friend's software (TaxWise)is calculating the credit at $525. | |
Anytaxpayer (talk|edits) said: | March 19, 2009 |
| Thanks Wonder Woman. I took a look at the IRS information on this but I'm having difficulty understanding all the conflicting charts. Or maybe it's not conflicting; I just can't figure it out.
To make the matter worse, the software I'm using (TaxAct) figures the credit at zero but my friend's software (TaxWise)is calculating the credit at $525. | |
| 20 March 2009 | |
| September 30, 2007 was the last day to purchase a Lexus or Toyota hybrid and still get the credit. | |
