Quote:
Originally Posted by tcampb01
When you asked the question about the claiming the credit twice, were they aware that the first car was totaled and paid for by insurance?
The reality, I think, is that the AMT problem may bite you. You can never legally pay less taxes than the AMT system requires -- no matter how many tax credits or deductions you have or qualify for. So many people hit the limit just trying to claim it for 1 car -- it's doubtful that you'd be able to claim much (if any) for a 2nd vehicle.
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Yes, I told them the car was totaled and out of service and paid for by Geico. I am not familiar with the AMT as I stated earlier I don't prepare my own taxes. I'll just keep my fingers crossed, that $4400.00 would cut my Escape loan almost in half.