Yes it's just a box on your State filing (just like Federal). Plus, you can carryforward the credit for *5 YEARS* (if you don't have a big enough tax bill). My parents can take the credit, I don't care - it's all in the family.
I guess they buy it and I'll get it from them later...that's really it. I might even have to wait until after they file their taxes for 2006.
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Originally Posted by Eric The Grey
Wow! I didn't realize that the state was that big. I think I might actually get money back from them next year. I won't for federal, since I still owe them more than that... 
I imagine (although I don't know for certain) that the way you'll get the tax credit, is by filling out a special box, or form when you file your tax returns. Can anybody verify this?
I suppose your parents could purchase the car and file for the tax credits themselves... 
The tax credits are a big reason for my wanting to get a hybrid, but not nearly the ONLY reason. Look at the big picture, and decide if it's right for you before you make up your mind.
 Eric the Grey |