Used = No Tax Credit, 2006, 2007 - ever.

Bummer for you, but the prior owner probably took advantage of the credit.

But still, you're in the hybrid club now - and welcome!

 

Well, just wrapped up my tax returns. With the purchase of a Prius and HCH in 06, I was looking at a combined tax credit of $5,200. When it was all said and done, I got a $4,700 tax credit. It would have been nice to recieve the full amout but all in all, I'm happy with what I got.

That and 50 mpg on current tank makes me happy too...

 

I'm one of the ones in the year 2006 that made more than that amount and it is the first time that my massive amount of write-offs didn't help me. Well, I didn't owe, but after my $40k taxes after whatever I was able to writeoff, I get $500 back less the $240 CPA fee this year. I am accustomed to getting thousands back but I own too many mortgages this year and too many other profitable investments such that my taxes are rediculous.

Next year things should be better. Once I become an S-Corp for the real-estate and and LLC for some other purposes, I should start to see my income again. I might be able to get my next hybrid as an expense for one of the corps. if I'm within the law to do so.

In any case, I am not yet sure how the hybrid tax credit/refund helped me or not this year, I'll find out next week.

Thanks,
Shawn

 

It's looking like statistically 1/4 of us are completely hosed on this issue, and slightly greater than 1/2 of us are at least partially hosed.

So given what I know about how this credit and the AMT are structured, I wonder how many of you dual income families with kids got the full credit? My bet is that the numbers are even more dismal.

 

Since I claim some business use of my vehicles on my Schedule C, I started to worry a bit as TurboTax lead me through an additional 2 forms to break out part of the credit.

In the end, though, I got a "business use" credit and a "personal use" credit, and they added up to the full $1950.

Then again, I'm a "DINK" (Double Income, No Kids).

cheers...

 

Just got an email from an Internet sales rep at an undisclosed dealer (not interested in burning them). The email informed me that the I replied informing the dealer that they should reframe from claiming that I qualify for a full tax credit without full knowledge of my annual income, home ownership and number of dependents.

When I was looking for Prii, I filled out many of the online inquiries. I ended up buying the car off the show room floor though and got a slightly better deal than the internet sales team were able to muster.

Disclaimer: I haven't voted on this poll since my credit isn't coming (if at all) till April 08.

 

Yes I am one of those dual income families with kids and was so looking forward to the $2600 credit that the IRS said might be mine. But the dang AMT (alternative minimum tax) resulted in a sweet credit of zero, absolutely nada! My only upside to this was the Ford Z plan. I owe my late father a great deal of gratitude for his 26.5 years at FoMoCo (Terminal Island & Pico Rivera, CA plants). When FoMoCo forced him to retire at least they gave him the Z plan which has saved his children some hard earned cash and made us some loyal Ford owners.

 

Single Income
1 Kid

Full Credit

 

Thank you Timothy Three Tone, my 2006 Honda Civic Hybrid, for doubling my refund this year! I can now pay off all my debt except for the car! I got 1389 for Timothy, single, no dependents. Didn't get the full value, because it's not like Uncle Sam is gonna pay me more in refund than I paid in taxes.

 

Perhaps, coming in to this discussion late I'm missing something.

Anyway, here goes. As I understand the tax credit, your taxes are reduced by that amount of the credit. It doesn't mean that you will get a refund of that amount.

I bought my Prius last Feb. I knew at that time I would be entitled to the full tax credit of 3150.00.

I just got my long form 1040's back from my accountant and - sure enough there was the 3150.00 credit. Now, that credit reduced my taxes by 3150 bucks, so as a result (well not the only reason, of course), we got a fed's tax refund of just over 300 bucks.

On the other hand, living in Calif., which gave me a sticker to ride solo in the car pool lane, I have to pay 1600 bucks.

Number of dependents, homes owned, distance driven or what ever has no bearing on the credit. What does is when you bought your Prius. Further, that credit does not come back to you as a refund.

centrider