2008 Tax Credit
#1
12-12-2008, 04:00 PM
2008 Tax Credit
Can anyone point me to a website that would give me a definitive answer as to whether I can get the last of the tax credit available this year even though I have purchased a 2009 HCH in 2008?
I have found conflicting answers on several sites and like the one best that says it's based on purchase date, not model year. The IRS website doesn't give any "what if" situations. Thanks.
I have found conflicting answers on several sites and like the one best that says it's based on purchase date, not model year. The IRS website doesn't give any "what if" situations. Thanks.
#3
12-16-2008, 06:13 AM
Re: 2008 Tax Credit
Can anyone point me to a website that would give me a definitive answer as to whether I can get the last of the tax credit available this year even though I have purchased a 2009 HCH in 2008?
I have found conflicting answers on several sites and like the one best that says it's based on purchase date, not model year. The IRS website doesn't give any "what if" situations. Thanks.
I have found conflicting answers on several sites and like the one best that says it's based on purchase date, not model year. The IRS website doesn't give any "what if" situations. Thanks.
Try this link.
http://www.irs.gov/irs/article/0,,id=176409,00.html
Ron
#4
12-16-2008, 09:38 AM
Re: 2008 Tax Credit
http://www.irs.gov/newsroom/article/...157557,00.html defines the law - it states purchase date and delivery date not model year.
I once worked for the NC Dept of Revenue. I had to get the NC Supreme Court Justices opinion on how they woud interpret a new tax law. This is clear and would hold up in tax court. Any Honda Civic Hybrid purchased new (2007, 2008 or 2009) and placed in service in 2008 can get a credit thru 12/31/2008.
from the IRS site:
Even though a manufacturer has certified a vehicle, a taxpayer must meet the following requirements to qualify for the credit:
The vehicle must be placed in service after 12-31-05 and purchased on or before 12-31-10.
The original use of the vehicle must begin with the taxpayer claiming the credit.
a. The credit may only be claimed by the original owner of a new, qualifying, hybrid vehicle and does not apply to a used hybrid vehicle.
The vehicle must be acquired for use or lease by the taxpayer claiming the credit.
a. The credit is only available to the original purchaser of a qualifying hybrid vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.
b. For qualifying vehicles used by a tax-exempt entity, the person who sold the qualifying vehicle to the person or entity using the vehicle is eligible to claim the credit, but only if the seller clearly discloses in a document to the tax-exempt entity the amount of credit.
The vehicle must be used predominantly within the United States.
I once worked for the NC Dept of Revenue. I had to get the NC Supreme Court Justices opinion on how they woud interpret a new tax law. This is clear and would hold up in tax court. Any Honda Civic Hybrid purchased new (2007, 2008 or 2009) and placed in service in 2008 can get a credit thru 12/31/2008.
from the IRS site:
Even though a manufacturer has certified a vehicle, a taxpayer must meet the following requirements to qualify for the credit:
The vehicle must be placed in service after 12-31-05 and purchased on or before 12-31-10.
The original use of the vehicle must begin with the taxpayer claiming the credit.
a. The credit may only be claimed by the original owner of a new, qualifying, hybrid vehicle and does not apply to a used hybrid vehicle.
The vehicle must be acquired for use or lease by the taxpayer claiming the credit.
a. The credit is only available to the original purchaser of a qualifying hybrid vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.
b. For qualifying vehicles used by a tax-exempt entity, the person who sold the qualifying vehicle to the person or entity using the vehicle is eligible to claim the credit, but only if the seller clearly discloses in a document to the tax-exempt entity the amount of credit.
The vehicle must be used predominantly within the United States.
Last edited by larryr; 12-16-2008 at 09:44 AM.
#6
12-18-2008, 08:18 PM
Re: 2008 Tax Credit
There is no limit to the tax credit - one for every never titled before NEW hybrid. Used Hybrids cannot be claimed for the credit. But you will probably get audited if you claim 2 or more on any year.
#7
12-18-2008, 10:33 PM
Re: 2008 Tax Credit
Folks,
If you are subject to AMT like I am, you will not be able to claim the credit.
This was a shock to me and very frustrating especially where gas prices are now. I planned on the 2K rebate as part of parting with my Subaru Outback and moving to the HCH II.
If anyone know differently let me know -- this is what I was told by my accountant. Very disappointing...
Dobe
If you are subject to AMT like I am, you will not be able to claim the credit.
This was a shock to me and very frustrating especially where gas prices are now. I planned on the 2K rebate as part of parting with my Subaru Outback and moving to the HCH II.
If anyone know differently let me know -- this is what I was told by my accountant. Very disappointing...
Dobe
#8
12-19-2008, 06:05 AM
Re: 2008 Tax Credit
1st the 2008 Honda tax credit is only $525 not $2000 only Ford, Nissan and one GM products have the $2000 credit. Toyota has no credit any more. after Dec 31 Honda wll no longer have any tax credit.
2nd - I do not know if AMT can affect the tax credit. I do not know how the IRS would intepret the credit. If it is a "true credit" it will appear on the 1040 after the tax calc line. if so then the AMT would allow it. if the AMT line is after the hybrid tax credit line it would not be allowed. - The order on the 1040 will decided that.
2nd - I do not know if AMT can affect the tax credit. I do not know how the IRS would intepret the credit. If it is a "true credit" it will appear on the 1040 after the tax calc line. if so then the AMT would allow it. if the AMT line is after the hybrid tax credit line it would not be allowed. - The order on the 1040 will decided that.
Last edited by larryr; 12-19-2008 at 06:08 AM.
#9
01-28-2009, 01:14 PM
Re: 2008 Tax Credit
$525 for 2008 models purchased after july 1st but $1050 for models purchased between jan 1 and june 30....these are for honda hybrids per Tax form 8910 instruction page....Honda hybrids purcased before jan 1 2008 ARE entitled to the full $2100 tax credit
#10
01-31-2009, 04:19 PM
Re: 2008 Tax Credit
The ambiguity here concerns whether "certification" is required. According to the link below the IRS says the following: "Generally, for a passenger car or light truck that is a qualified hybrid vehicle, a taxpayer may rely on the manufacturer’s certification that a specific make, model and model year vehicle qualifies for the credit and the amount of the credit for which it qualifies." This clearly indicates that a manufacturers certification is linked to a specific year. Honda apparently has not certified the 2009 Civic Hybrid. This leaves open the possibility that the car meets the other legal requirements. One could look to the IRS
Form 8910 (the 2007 version) explicitly lists certified makes, models and year. So, this would imply that the year is relevent. I have not yet seen the 2008 form 8910 (only a "draft" form appears on a google search).
Finally, I called the IRS to ask this exact question as I bought the 09 Civic Hybrid in December. The IRS representative said that she could find no information referring specifically to the 09 (just the 08) Civic Hybrid and thus concluded that she would not recommend claiming the credit for the '09. Now, she simply did a search of the IRS website and did not attempt to interpret the law but my point is that it remains unclear as to how the 2009 will be treated since it was not officially certified by Honda. It may meet muster but it sure would be nice to hear from the IRS that yes the 09 will get you $525.
Jack
Form 8910 (the 2007 version) explicitly lists certified makes, models and year. So, this would imply that the year is relevent. I have not yet seen the 2008 form 8910 (only a "draft" form appears on a google search).
Finally, I called the IRS to ask this exact question as I bought the 09 Civic Hybrid in December. The IRS representative said that she could find no information referring specifically to the 09 (just the 08) Civic Hybrid and thus concluded that she would not recommend claiming the credit for the '09. Now, she simply did a search of the IRS website and did not attempt to interpret the law but my point is that it remains unclear as to how the 2009 will be treated since it was not officially certified by Honda. It may meet muster but it sure would be nice to hear from the IRS that yes the 09 will get you $525.
Jack
http://www.irs.gov/newsroom/article/...157557,00.html defines the law - it states purchase date and delivery date not model year.
I once worked for the NC Dept of Revenue. I had to get the NC Supreme Court Justices opinion on how they woud interpret a new tax law. This is clear and would hold up in tax court. Any Honda Civic Hybrid purchased new (2007, 2008 or 2009) and placed in service in 2008 can get a credit thru 12/31/2008.
from the IRS site:
Even though a manufacturer has certified a vehicle, a taxpayer must meet the following requirements to qualify for the credit:
The vehicle must be placed in service after 12-31-05 and purchased on or before 12-31-10.
The original use of the vehicle must begin with the taxpayer claiming the credit.
a. The credit may only be claimed by the original owner of a new, qualifying, hybrid vehicle and does not apply to a used hybrid vehicle.
The vehicle must be acquired for use or lease by the taxpayer claiming the credit.
a. The credit is only available to the original purchaser of a qualifying hybrid vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.
b. For qualifying vehicles used by a tax-exempt entity, the person who sold the qualifying vehicle to the person or entity using the vehicle is eligible to claim the credit, but only if the seller clearly discloses in a document to the tax-exempt entity the amount of credit.
The vehicle must be used predominantly within the United States.
I once worked for the NC Dept of Revenue. I had to get the NC Supreme Court Justices opinion on how they woud interpret a new tax law. This is clear and would hold up in tax court. Any Honda Civic Hybrid purchased new (2007, 2008 or 2009) and placed in service in 2008 can get a credit thru 12/31/2008.
from the IRS site:
Even though a manufacturer has certified a vehicle, a taxpayer must meet the following requirements to qualify for the credit:
The vehicle must be placed in service after 12-31-05 and purchased on or before 12-31-10.
The original use of the vehicle must begin with the taxpayer claiming the credit.
a. The credit may only be claimed by the original owner of a new, qualifying, hybrid vehicle and does not apply to a used hybrid vehicle.
The vehicle must be acquired for use or lease by the taxpayer claiming the credit.
a. The credit is only available to the original purchaser of a qualifying hybrid vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.
b. For qualifying vehicles used by a tax-exempt entity, the person who sold the qualifying vehicle to the person or entity using the vehicle is eligible to claim the credit, but only if the seller clearly discloses in a document to the tax-exempt entity the amount of credit.
The vehicle must be used predominantly within the United States.
