Claiming tax credit
Does anyone know how we go about claiming our tax credit for HCH IIs purchased in 2006 ???? Do we need a special form from the dealer, government, anything ???? Does anyone have any info on this ????
|
Re: Claiming tax credit
My CPA informed me that the only thing she needs is the invoice or purchase order from the dealership (you should have one or both of these in the mass of paperwork that they gave you at closing). I'm not sure how to claim it if you fill out your own taxes. However, if all that is needed is proof of the purchase, I'm sure a regular 1040 will have instructions as to how to claim it. This tax credit is making it so I don't pay one red cent this year in income taxes. Absolutely wonderful. Don't forget to write to your senators and congresspersons to request they continue such government incentives!
|
Re: Claiming tax credit
No offense intended, but if you'd tried a Search before you posted, you could've read through 20 pages of people who've already asked & answered this question.
To save you the trouble this time, get a copy of IRS Form 8910. It's the only form you need. Take it and a copy of your invoice when you do your Federal taxes. As for state, you might find something on this page: http://go.ucsusa.org/hybridcenter/incentives.cfm |
Re: Claiming tax credit
1 Attachment(s)
Here's the Federal tax credit claim form (f8910 Alternative Motor Vehicle Credit) in pdf format. I didn't find anything about attaching a sales receipt, but I assume that a copy of the receipt should be included with the claim form.
The 2006 and 2007 Honda Civic Hybrids get a credit of $2100 if purchased (not leased) in year 2006. Although, you must have been one of the first 60,000 purchasers for that model year. That last qualifier is a bit weird so it's best to ask a tax accountant or your dealer if you qualify. Enjoy. |
Re: Claiming tax credit
Originally Posted by ahijado
(Post 106402)
... but I assume that a copy of the receipt should be included with the claim form.
... Although, you must have been one of the first 60,000 purchasers for that model year. That last qualifier is a bit weird so it's best to ask a tax accountant or your dealer if you qualify. I wouldn't include the sales receipt with my return, or a copy, unless it is specifically asked for. The IRS doesn't want the extra paperwork. You definitely should keep the receipt in case you are audited. I believe the 60,000 vehicle stipulation began on 1/1/2006, and includes all hybrids sold by that manufacturer since that date. The full tax credit can be taken if the vehicle is bought before the end of the quarter following the quarter in which the 60,000th vehicle is sold in the US. After that the credit is reduced. Regardless, the credit ends at the end of 2010 unless congress extends it. You also have to also understand that if your income is high enough for you to be affected by the alternative minimum tax, all or part of your credit could evaporate. Again, I'm no tax pro, so I'm open to correction or further clarification. As stated earlier in the post, this has been discussed quite a bit at GH, though a lot of the threads were developed as the law's specifics were coming to light. So better info may be had with a search. |
Re: Claiming tax credit
UPDATE: I sent Form 8910 to my tax specialist and she agreed, she made a mistake. An amendment will be submitted.
I was wondering if everyone else here was advised on claiming the tax credit using Form 8834 (HCH II purchased January 2006)? I ask this b/c my tax specialist insists this is the right form in claiming my tax credit, but it seems to speak to 2.5% allowable credit (multiplied by the purchase price). Is this right? I don't think it's right, because I think I should be using Form 8910, but I'm not a tax specialist. I like my tax specialist, but on this account, I think she's wrong. What do you think? |
Re: Claiming tax credit
Originally Posted by ahijado
(Post 106402)
Here's the Federal tax credit claim form (f8910 Alternative Motor Vehicle Credit) in pdf format. I didn't find anything about attaching a sales receipt, but I assume that a copy of the receipt should be included with the claim form.
The 2006 and 2007 Honda Civic Hybrids get a credit of $2100 if purchased (not leased) in year 2006. Although, you must have been one of the first 60,000 purchasers for that model year. That last qualifier is a bit weird so it's best to ask a tax accountant or your dealer if you qualify. Enjoy. http://www.irs.gov/pub/irs-pdf/f8910.pdf |
Re: Claiming tax credit
Originally Posted by HyMinded
(Post 111060)
UPDATE: I sent Form 8910 to my tax specialist and she agreed, she made a mistake. An amendment will be submitted.
I was wondering if everyone else here was advised on claiming the tax credit using Form 8834 (HCH II purchased January 2006)? I ask this b/c my tax specialist insists this is the right form in claiming my tax credit, but it seems to speak to 2.5% allowable credit (multiplied by the purchase price). Is this right? I don't think it's right, because I think I should be using Form 8910, but I'm not a tax specialist. I like my tax specialist, but on this account, I think she's wrong. What do you think? |
Re: Claiming tax credit
Originally Posted by toast64
(Post 111248)
Sounds like your tax preparer might be trying to use the 2005 credit. Look into it - he/she may not be up to speed with the new credit.
|
Re: Claiming tax credit
Originally Posted by HyMinded
(Post 111255)
To their credit, I am assured a refund of my tax preparing fee. :thumbs_up :D
|
All times are GMT -7. The time now is 09:56 PM. |
© 2024 MH Sub I, LLC dba Internet Brands