Bought Two FEH can I claim both?
#11
11-29-2007, 11:47 AM
Re: Bought Two FEH can I claim both?
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.
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.
#12
12-02-2007, 09:16 PM
Re: Bought Two FEH can I claim both?
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.
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.
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.
#13
12-08-2007, 06:36 PM
Re: Bought Two FEH can I claim both?
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.
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.
#14
12-08-2007, 10:25 PM
Re: Bought Two FEH can I claim both?
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
See picture of my wrecked one here: http://picasaweb.google.com/fastford...tSoGreatEscape
#16
01-24-2008, 07:04 PM
Re: Bought Two FEH can I claim both?
If you read this thread I put the story there.
About fourth comment down.
go to :
https://www.greenhybrid.com/discuss/...ght-feh-15495/
About fourth comment down.
go to :
https://www.greenhybrid.com/discuss/...ght-feh-15495/
#17
01-24-2008, 09:40 PM
Re: Bought Two FEH can I claim both?
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
See picture of my wrecked one here: http://picasaweb.google.com/fastford...tSoGreatEscape
In the interest of full disclosure: I am a retired biology teacher, and do not do my own taxes.
#20
04-27-2008, 08:38 PM
Re: Bought Two FEH can I claim both?
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.
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.
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
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