Reply With Quotehttp://www.toyota.com/prius/tax.html
Yes, the full credit for hybrid vehicles is through the quarter after
the quarter in which a manufacturer sells 60,000 units from the Jan. 1,
2006 start date. Then it is 1/2 of the full credit for another 2
quarters. Then it is 1/4 of the full credit for another 2 quarters.
Then no more credit. Toyota has a pretty little graph on their
estimates here:
http://www.toyota.com/images/vehicles/2006/prius/hybfedtaxcreds_3_06.pdf
Unfortunately, both Toyota and Lexus together will count for the hybrid
sales, so the following vehicles would count:
Toyota Prius
Toyota Highlander Hybrid
Toyota Camry
Lexus RX400h
Lexus GS450h
Amount of credit for the Toyotas/Lexus depend on model:
http://www.irs.gov/newsroom/article/0,,id=156048,00.html
http://www.irs.gov/newsroom/article/0,,id=156381,00.html
I expect the April/YTD sales figures to be published any day now from
Toyota/Lexus/Scion. http://pressroom.toyota.com/ (or wait for me to
post a summary, as I eventually get to it each month...)
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Toyota Prius: Deadline for Hybrid tax credit interpretation. Others agree?
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- 05-01 09:53 PM #1CBGuest
Deadline for Hybrid tax credit interpretation. Others agree?
Hi Folks,
<i>Consumers seeking the credit may want to buy early since the full
credit is only available for a limited time. Taxpayers may claim the
full amount of the allowable credit up to the end of the first calendar
quarter after the quarter in which the manufacturer records its sale of
the 60,000th vehicle. For the second and third calendar quarters after
the quarter in which the 60,000th vehicle is sold, taxpayers may claim
50 percent of the credit. For the fourth and fifth calendar quarters,
taxpayers may claim 25 percent of the credit. No credit is allowed
after the fifth quarter.</i>
My interpretation of this is that buyers actually have over a quarter
AFTER the 60K limit is hit by a manufacturer to take advantage of the
full tax credit. Thus, in practice, the full credit applies to
something over 60K vehicles from the same manufacturer. So, until the
IRS actually announces a particular manufacturer has sold 60K
qualifying vehicles + up to 2 quarters minus one day, you can still get
the full credit.
Agree? Disagree?
Also, a question: what date is used to determine qualification for the
credit? The date of purchase or the in-service date (which could be the
same, but not necessarily)?
Tnx,
C
- 05-02 02:43 PM #2mrv@kluge.netGuest
Re: Deadline for Hybrid tax credit interpretation. Others agree?
- 05-05 02:35 AM #3kariGuest
Re: Deadline for Hybrid tax credit interpretation. Others agree?
Does anyone know the details of what kind of paperwork I will have to
provide to the IRS? When I bought my 2004, the dealer gave me a form which I
sent in with my taxes. I bought my 2006 in early January and the dealer had
no information on the tax exemption.
Kari
"CB" <com> wrote in message
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- 05-05 03:28 AM #4BillGuest
Re: Deadline for Hybrid tax credit interpretation. Others agree?
"kari" <net> wrote in message
news:0Sy6g.13169$..
I used TurboTax this year. It asked me if I had purchased a qualifying
vehicle. When I responded yes it calculated my deduction. Next year I'm
thinking it will calculate the credit for those who can respond that their
purchased their 2006 before the limit was reached. In my case, no
additional forms were required.
- 05-05 07:03 AM #5MichelleGuest
Re: Deadline for Hybrid tax credit interpretation. Others agree?
In article <0Sy6g.13169$TK1.11107@fed1read06>,
"kari" <net> wrote:
You don't have to provide any kind of paperwork; you just put it on the
proper line of the tax return. That's all you needed to do with your
2004 model as well; you didn't need anything from your dealer.
However, if you get audited, you will need to show the auditor your bill
of sale to prove that you bought the car, and the date you bought it.
That's all.
-- Michelle
--
Stop Mad Cowboy Disease: Impeach the son of a Bush.
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