TCH holding period for Tax Credit
#1
TCH holding period for Tax Credit
Does anyone know how long you must own the TCH to be eligible to take the federal tax credit for 2006? Everything I have read indicates when the car must purchased by to get the credit, but not the holding period. Just a question as I have no intention of selling mine. Thanks
#2
Re: TCH holding period for Tax Credit
I believe that the IRS has yet to issue guidance regarding the recapture of the credit. Until they issue such, I would use 3 years as a rule of thumb.
Please don't take this as tax advice. Consult your accountant before relying on any information with tax consequences.
Please don't take this as tax advice. Consult your accountant before relying on any information with tax consequences.
#4
Re: TCH holding period for Tax Credit
Originally Posted by kluken
And how would they know if you didn't hold it 3 years?
#6
Re: TCH holding period for Tax Credit
Originally Posted by kluken
I guess I would be interested in knowing the real answer as I rarely hold a car more than 24-28 months.
http://www.irs.gov/newsroom/article/...157557,00.html
I don't see anything at all about holding it for a certain period of time.
Here is the non-final version of the tax form:
http://www.irs.gov/pub/irs-pdf/f8910.pdf
It may change prior to distribution of tax forms at end of year.
Last edited by TKCamry; 09-05-2006 at 10:50 AM.
#7
Re: TCH holding period for Tax Credit
It's possible the gov't doesn't care about a holding period. If you sell the car a month after purchase, there is still one more hybrid vehicle on the road, and theoretically one less non-hybrid. This might also be evidenced by the fact that with a lease, the leasing company gets the tax credit. Maybe the legislators or IRS didn't really think that far down the line (improbable, but possible.)
#8
Re: TCH holding period for Tax Credit
Originally Posted by Eskimonio
It's possible the gov't doesn't care about a holding period. If you sell the car a month after purchase, there is still one more hybrid vehicle on the road, and theoretically one less non-hybrid. This might also be evidenced by the fact that with a lease, the leasing company gets the tax credit. Maybe the legislators or IRS didn't really think that far down the line (improbable, but possible.)
Obviously this is all speculation on my part, and I fully intend to keep mine for a long time (as long as I don't hit any more deer)!
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