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Old 11-15-2007, 06:48 AM
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mtberman mtberman is offline
Hybrid Hoon
 
Real Name: Terry
Location: Denver CO
Hybrids: 2008 FEH
Posts: 335
Default Re: Bought Two FEH can I claim both?

IRS publication 17 (chapter 37) now includes language that you must recapture the credit if the vehicle no longer qualifies. Not sure but it seems safe to assume that no longer owning a vehicle means it no longer qualifies. It's possible, but not likely, that the ownership transfer to the insurance company could have included the required tax disclosure described on form 8910.

I'm not a tax person, but I personally would not try to claim a credit for property acquired and subsequently transferred within the same tax year. I suppose there could be some tax benefit available for the loss, but I'm pretty sure a car accident does not fall under those rules.
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