What happens to tax credit if you sell your hybrid?
#11
Re: What happens to tax credit if you sell your hybrid?
I've seen $2,100 and also $3,150 as tax credit numbers listed. Why the difference? How does one qualify for the $3,150? (note: I have an '06 model, purchased in '06).
#12
Re: What happens to tax credit if you sell your hybrid?
Originally Posted by AZMerf
The credit is still under consideration by the IRS but you can assume there will be some recapture period similar to the deduction. Sorry.
If you read it differently, please explain as I may have to pay some of my '04 credit back.
#13
Re: What happens to tax credit if you sell your hybrid?
Originally Posted by Adam_HybridCivic
I believe I read that if you do not keep the car for at least threee years you have to pay the credit back. I believe that it may be pro-rated say you kept it for two years you would only have to pay 1/3 of the deduction back. I believe that its on www.irs.gov
The IRS has given no guidance on the 2006 credit, AFAIK.
#15
Re: What happens to tax credit if you sell your hybrid?
Originally Posted by ElanC
Buy a Prius.
#16
Re: What happens to tax credit if you sell your hybrid?
Originally Posted by clyde2575
I am not sure why this would be a bad thing. When I traded my '04 in, I assumed that it would be used in the same fashion that I used it in and as per my understanding of the information on the IRS web-site that means that it does not need to be repaid.
If you read it differently, please explain as I may have to pay some of my '04 credit back.
If you read it differently, please explain as I may have to pay some of my '04 credit back.
#17
Re: What happens to tax credit if you sell your hybrid?
Originally Posted by DTDRIVER
Yeah, buy a Prius with the exorbanant options that run them up to $29K to get same options as a $24K HCHII. And to top it off with a Prius you get a glorified ugly golf cart as opposed to a sedan car in the Honda.
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