Where do we find updated tax credit info?
#11
Re: Where do we find updated tax credit info?
Does anyone know if you can take the credit more than once? I took the credit for my 2007 FEH a couple or years ago and I am wondering if I can also take it for my new 2009 FEH next year (I just got it earlier this month).
Thanks,
Rick
Thanks,
Rick
#12
Re: Where do we find updated tax credit info?
Yes, you can claim the credit for each qualifying hybrid purchase. Of course, you can only claim once per vehicle.
If you sale/sold your 2007 FEH after claiming the credit, you may need to look into the recapture rule (sorry, I can't find a specific link discussing this because I'm at work and the IRS site search is horrible).
Also, since you took delivery of your 2009, early in the year (before 3/31/09) you can claim the full credit amount. Those who take delivery after 3/31/09 will have to deal with the reduction factor (50%, then 25%, then 0%, see above links for further clarification on this).
If you sale/sold your 2007 FEH after claiming the credit, you may need to look into the recapture rule (sorry, I can't find a specific link discussing this because I'm at work and the IRS site search is horrible).
Also, since you took delivery of your 2009, early in the year (before 3/31/09) you can claim the full credit amount. Those who take delivery after 3/31/09 will have to deal with the reduction factor (50%, then 25%, then 0%, see above links for further clarification on this).
Last edited by MyPart; 02-20-2009 at 10:45 AM.
#13
Re: Where do we find updated tax credit info?
Yes, you can claim the credit for each qualifying hybrid purchase. Of course, you can only claim once per vehicle.
If you sale/sold your 2007 FEH after claiming the credit, you may need to look into the recapture rule (sorry, I can't find a specific link discussing this because I'm at work and the IRS site search is horrible).
Also, since you took delivery of your 2009, early in the year (before 3/31/09) you can claim the full credit amount. Those who take delivery after 3/31/09 will have to deal with the reduction factor (50%, then 25%, then 0%, see above links for further clarification on this).
If you sale/sold your 2007 FEH after claiming the credit, you may need to look into the recapture rule (sorry, I can't find a specific link discussing this because I'm at work and the IRS site search is horrible).
Also, since you took delivery of your 2009, early in the year (before 3/31/09) you can claim the full credit amount. Those who take delivery after 3/31/09 will have to deal with the reduction factor (50%, then 25%, then 0%, see above links for further clarification on this).
-- Rick
#14
Re: Where do we find updated tax credit info?
Could the 08 AWD Credit ammount have something to do with the EPA (Whatever?) Chaning it's standards last year?
Edmunds lists the 08 AWD as 29c/27h for a 28mpg avg (32 for FWD)
Yet 2009 AWD is the same 29/27 28avg ???
Gues 09 has higher standards for the credit?
Edmunds lists the 08 AWD as 29c/27h for a 28mpg avg (32 for FWD)
Yet 2009 AWD is the same 29/27 28avg ???
Gues 09 has higher standards for the credit?
#15
Re: Where do we find updated tax credit info?
This is from the IRS website. Given the time frame between the example purchase date and when they take possession one would assume that an order is all you need to do to qualify for the credit, but since the IRS won't clarify this, it would seem a bit risky.
"The date of purchase determines the amount of the credit available for a vehicle, i.e. whether a vehicle is eligible for the full credit or whether a portion of the credit is phased-out. The placed in service date determines the taxable year in which the credit may be claimed.
For example, if consumer A purchases a Prius on Sept. 30, 2006, and takes possession in February 2007, consumer A can claim the full credit for 2007, the year in which the vehicle is placed in service. On the other hand, if consumer B purchases a Prius on Oct. 1, 2006, and takes possession of the vehicle in February 2007, Consumer B can claim 50% of the credit in 2007, the year in which the vehicle is placed in service."
Here is the link to the whole explaination.
http://www.irs.gov/newsroom/article/...157557,00.html
#16
Re: Where do we find updated tax credit info?
Another link to what seems to be the same write up, but in this one they have the 2009 and 2010 model year vehicles listed:
http://www.irs.gov/businesses/corpor...203122,00.html
http://www.irs.gov/businesses/corpor...203122,00.html
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johnnymack
Toyota Highlander Hybrid
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02-23-2007 10:23 AM
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