Government & Taxes Money, credits and more!

Tax credit bait and switch

  #1  
Old 03-22-2007, 07:35 AM
Dazed and Confused
Thread Starter
Join Date: Oct 2006
Posts: 732
Default Tax credit bait and switch

Well, I finally did my taxes a couple nights ago.

I was able to take the full $1,300 credit I recieved by buying my TCH in October. As a matter of fact, I could have taken the full $2,600 credit if I had gotten the car in August. My tax liability was about $4,000 more than my AMT, so there was no way I was going to hit it. Buying 3 TCHs would still not put me over the AMT threshold!

I kinda wish I had gotten the car in August because I actually owe about $1,250 more in taxes for last year. I HATE TAXES!!!!

Sorry for those who cannot take the full tax credit, but I have always felt this was never a bait and switch, but more of a AMT fiasco.

Lets get rid of the AMT! -or- At least restructure it.
 
  #2  
Old 03-25-2007, 07:01 AM
Active Enthusiast
Join Date: May 2006
Posts: 160
Default Re: Tax credit bait and switch

Congrats on getting the full credit.

Regardless of what you want to call the sketchy terms under which the hybrid credit applies, clearly it's defined in the fine print that few people (including myself) have the inclination to locate, read, then compute.

Caveat emptor.
 
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