Quote:
Originally Posted by snax
Seems there's a 53.91% chance you won't. Ok, perhaps your taxes will work out favorably on this one.
Regardless, this tax credit experience has taught us a valuable lesson to not trust the IRS to present the full picture. In other words, to determine what credit a person will actually get is probably the best approach BEFORE investing in something eligible for a credit.
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Hard to do because early in the program (Jan, Feb, Mar. . .'06), no one knew what the IRS was going to do. It seems the catch was the AMT.
I paid more than the AMT. I got the full 3250.00 (bought the Prius in Feb., '06) in addition to a deduction for the charitable contribution of my '95 Saturn. But. . .I'm not an accountant, nor do I do my own taxes. I dropped the information at my accountant, and he sent everything in to IRS. So, I'm sorry to say, absolutely clueless.