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Old 06-06-2007, 12:40 PM
mamorgan2 mamorgan2 is offline
Enthusiast
 
Real Name: Mark
Location: Indianapolis, IN
Hybrids: 2007 Escape Hybrid FWD
Posts: 16
Default Re: IRS Recaptures Rules Tax Credit When You Sell/Trade your Hybrid?

This is starting to worry me.

I bought an '05 FEH in 2005. For that, I was able to take a $2,000 deduction, not a credit, when I did my taxes for '05. (They changed it to a credit in '06). I traded that one in for an '07 FEH in September of '06. When I did my taxes for '06, it didn't say anything about selling or trading in a hybrid, at least that I saw. I only saw a section for if you purchased one in '06. Since I had, I filled out the worksheet and got the $2,600 credit.

I hope they don't come back and say I have to give either the money I gained from the deduction or the credit back.

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