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Anyone done this yet. Does the IRS require any proof that I actually own a hybrid. Do you need to send a copy of the vehicle purchase agreement? registration? window sticker? what?
I bought my civic hybrid in May and just sold it 2 days ago. I obviously want to take the credit but just want to see what corresponding paperwork I may or may not need to turn in.
There's nothing you have to send in with form 8910. But as with almost all of your deductions and credits on your tax forms, the onus is on you to prove that you actually earned the credit or deduction if you ever get audited.
I'd just throw a backup copy of the purchase agreement in your file with your other tax paperwork so you don't have to go digging for it somewhere else in case you do ever get audited, but no need to do anything more than that.
Last edited by chesterakl; 02-19-2008 at 06:23 AM.
If you sell the car before 3 years is up, you have to refund a portion of the credit.
Are you sure? That's the first I've heard of that. With a little bit of web-searching, I can't find that anywhere. Could you please reference the IRS publication where it says this?
If you sell the car before 3 years is up, you have to refund a portion of the credit.
Yeah and if you buy something off the internet you're supposed to report that so you can pay your state's sales tax on it. LOL!
Don't feel bad about not complying with the tax code. It is so complex its complexity alone is a valid defense to avoid criminal prosecution unless its blatant. The IRS only audits ~1-1.5% of all returns.
People that worry about audits really have no idea the antics the wealthy use to reduce or eliminate theirs, which when explained in plain English most people would be amazed they're actually semi-legal.
Now if you engage in blatant fraud then you will do more than just pay back taxes and penalties, but thats a different story.
Hybrids: '06 Civic Hybrid Magnetic Pearl w/Navi (as of July 1, 2006)
Posts: 1,284
Re: FYI..The IRS has released the 8910
IF you bought it NEW (put it into service) in 2008, you'll wait until next January when you file your 2008 taxes.
If you bought it USED, you do not get the credit, the original owner did.
Steve
STOP terrorism - Drive a HYBRID
Vehicles:
350 miles a week ------------ 2006 HCH II, Magnetic Pearl, w/NAVI (born on May 25, 2006)
350 miles a month ---------- 2003 Mazda Tribute ES-V6
350 miles a year (for now) - 1986 Mercedes 560SL
IF you bought it NEW (put it into service) in 2008, you'll wait until next January when you file your 2008 taxes.
If you bought it USED, you do not get the credit, the original owner did.
That's what I thought.
I'm a bit confused however by the phase out instructions. I was thinking about buying a Toyota Camry, and based on the F8910 I would not get a tax credit correct?
Basically you have to buy something other than a Honda or Toyota to get the tax credit (Honda gets a partial) correct?
FYI..The IRS has released the 8910
