Quote:
Originally Posted by pagemap
Hello, last week someone ran a red light and totaled my '07 HCH II. As replacement I'll be getting a 2008 HCHII. I'm going to get the $2300 tax credit for 2007, can I also get the tax credit in 2008? Or, can the credit only be used once?
Thanks!
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Don't rely on this as tax advice. Consult your tax professional before making any determinations.
The credit can be used for multiple car purchases.
The real question is whether no longer having the old car triggers a recapture of the credit. As far as I know, there is nothing definitive on this. The only thing even close states that disposition due to accident or casualty does
not constitute a recapture event. I would take the credit.
Another note of caution as your state laws will vary from the federal code.