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Originally Posted by ElanC
That's generally true but I don't think it's perfectly accurate.
The law give the deduction or credit, as the case may be, to whoever first put the vehicle in use. So, theoretically, if a vehicle was titled and never driven off the lot, and then you bought it, then you could claim the deduction. But you'd have to prove that was the case if audited.
Anyone who plans to claim a deduction for an "almost new" vehicle that was driven "only" three months before they bought it is asking for trouble with the IRS.
And by the way, if you lease the car forget about the deduction or the upcoming credit. The dealer is the one entitled to it in that case.
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Hello ElanC;
Some very good points there. I think that you as well as myself are trying to keep members and guest to GreenHybrid out of (Major-Trouble) with the good Ole "IRS" folks and they do not have a sense of Humor when it comes to getting money from them and it being (Shall-We-Say-Questionable-At-Best). If they ever get on you it is a "Long-Long Time" before they get off your Back. I know of people that did make a (Mistake
) on their "IRS-Returns" and it was Many-Many Yrs. before they could Breathe a Breath of fresh air again. I think my suggestion would be if in (Doubt) don't do it.
Terry
One last comment on the Tax Credit/Deduction Thing:
You can claim or deduct what ever you want to; "BUT" if you get (CAUGHT) the IRS (IMO) is not going to be interested in your comment I thought I could. Like they say, do as you will, or your "Right" until you get "Caught".