Bought Two FEH can I claim both? - Page 2 - GreenHybrid

Luke1975 · #11 (**permalink**) 11-29-2007, 11:47 AM

I just got a email back from the IRS about this question and here is was it said.

Thank you for your recent inquiry. We are sorry we were unable to answer you at that time.
Yes, the credit can be claimed twice on the Form 8910, if you were the original purchaser of the new qualifying vehicles.

tcampb01 · #12 (**permalink**) 12-02-2007, 09:16 PM

Quote:

Originally Posted by Luke1975

I just got a email back from the IRS about this question and here is was it said.

Thank you for your recent inquiry. We are sorry we were unable to answer you at that time.
Yes, the credit can be claimed twice on the Form 8910, if you were the original purchaser of the new qualifying vehicles.

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.

Luke1975 · #13 (**permalink**) 12-08-2007, 06:36 PM

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.

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.

centrider · #14 (**permalink**) 12-08-2007, 10:25 PM

Quote:

Originally Posted by Luke1975

I bought a FEH on Sept. 21 and two week later I was hit by another driver and rolled so it was totaled(had 437 miles on it). On Oct. 17 I went to the same dealer and bought another one just like the wrecked one. Am I able to claim both on my taxes and get two refunds? And do you know what the refunds would be?

See picture of my wrecked one here: http://picasaweb.google.com/fastford...tSoGreatEscape

Wow! Are you lucky - or what?

sirfergy · #15 (**permalink**) 01-24-2008, 06:31 PM

How did you get in that accident?

Luke1975 · #16 (**permalink**) 01-24-2008, 07:04 PM

If you read this thread I put the story there.
About fourth comment down.

go to :

http://www.greenhybrid.com/discuss/f...ght-feh-15495/

centrider · #17 (**permalink**) 01-24-2008, 09:40 PM

Quote:

Originally Posted by Luke1975

I bought a FEH on Sept. 21 and two week later I was hit by another driver and rolled so it was totaled(had 437 miles on it). On Oct. 17 I went to the same dealer and bought another one just like the wrecked one. Am I able to claim both on my taxes and get two refunds? And do you know what the refunds would be?

See picture of my wrecked one here: http://picasaweb.google.com/fastford...tSoGreatEscape

Do you have a tax advisor? it might just be worth the 100.00 or so bucks to get that question resolved.

In the interest of full disclosure: I am a retired biology teacher, and do not do my own taxes.

Luke1975 · #18 (**permalink**) 01-25-2008, 06:02 AM

I don't do my taxes myself either, once I get all of my 2007 tax stuff I'm going to talk to my tax guy about it.

Luke1975 · #19 (**permalink**) 04-25-2008, 11:10 AM

Just a quick update to this thread,

I got the full tax credit for both of the FEH's i bought, $4400.00!

ChicagoHCHII · #20 (**permalink**) 04-27-2008, 08:38 PM

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.

Yup. With my HCH credit my taxes paid was very close to the AMT amount. I think Luke must've been in a very unusual situation to get the total amount of both credits without the AMT reducing the benefits.

Also technically I think he should qualify. While the first car was totaled and paid for by insurance, the insurance company was essentially buying the totaled car from Luke. Unless theres a restriction/tax on resales within a certain timeframe it makes sense.

Anyone thinking it might not be fair that he benefits twice from his sitaution? Silly thinkers. The tax code was not designed to be fair. It is a complex behemoth that subsidizes certain behaviors (having kids, homeownership, agriculture, Don Mclean, apple pie, etc) and penalizes others (drinking, smoking, the self-employed, etc). If you want fairness push for a flat tax. /rant