2007 tax credit

<div class='quotetop'>QUOTE(jaxhpfa @ May 14 2007, 11:48 PM) [snapback]442172[/snapback]</div>

From April 1, 2007 until Sept 30, 2007 the tax credit is $787.50. After that $0.00. No limit on number sold.

 

<div class='quotetop'>QUOTE(jaxhpfa @ May 16 2007, 02:34 PM) [snapback]443593[/snapback]</div>

The cutoff number for total sales was acheived June 2006, starting the phase out schedule.

 

i was just coming here to ask about this!

so do we need any special paperwork? and if so, where do we get it?

or do we just put it down on our taxes next year?

 

Go to the IRS.gov website and search "hybrid". Next years tax paperwork will have the form. Your tax preparer or TurboTax will also have the forms.

Here's the '06 link: http://www.irs.gov/newsroom/article/0,,id=107766,00.html

 

Just Purchased an 2007 Prius. Do I need anything from the dealer for my tax return next year??
Also, I live in New York State, how will this effect my state return??
Thanks For Any Help\EM

 

<div class='quotetop'>QUOTE(NYPrius1 @ Jul 25 2007, 04:38 PM) [snapback]484942[/snapback]</div>

I do not recall seeing anything posted here about a NY state credit or deduction. You do not need anything from the dealer. You will need to file two additional forms with your 1040. Everyone will have the forms. www.taxact.com offers free software. Toyotas (and Lexus) bought Oct. 1 and later do not qualify for the credit.

 

<div class='quotetop'>QUOTE(JimN @ Jul 25 2007, 09:30 PM) [snapback]485150[/snapback]</div>

Thanks So Much FOr The Reply!!
I did go to the New York State Tax Site, Seems like a lot of things came up BUT they never made it to a Vote.
I use Turbo Tax, So I assume the program will know what to do next year!
Em
PS I see that the tax brakes go down each month and than go away after Sept.
Will The Exxon Tax Brakes do the same??
I doubt it!!

 

This has probly been posted before, but has anyone noticed that tax credits for the consumers buying hybrids dropped largely in $, and on top of that they put in a # cap, now a date cap. All in the meantime they put in an economic stimuli" program that gives a tax credit of up to 100,000$ to business owners to buy 6ton+ vehicles? (Such as the Hummer.) Sheesh. lol I bet next year they will cut it down to like 500 bucks, and limit it to the first 50,000 vehicles, and within the first week HAHA

 

<div class='quotetop'>QUOTE(brad_rules_man @ Aug 6 2007, 12:28 AM) [snapback]491111[/snapback]</div>

Unless you can point me to a change in rule or law, the reduction over time after reaching the sales target was in effect from the beginning of 2006. In 2005 there was a federal deduction. Doubt there will be any changes downward getting through Congress as that would hurt the domestics.

The tax credit for business was intended for heavy duty commercial vehicles. If a more efficient truck replaces a less efficient truck it is still a benefit for everyone.

 

<div class='quotetop'>QUOTE(brad_rules_man @ Aug 5 2007, 09:28 PM) [snapback]491111[/snapback]</div>

The last round of Federal Tax Credits is over at the end of Q3 2007. That means the end of September. The tax credit is $707.50, which is 25% of the original credit. This has no relationship to the number of vehicles sold. That "magic number" was 60,000 and was reached back in 2006, which is what triggered the subsequent reductions in the amount of the credit: they are all tied to the number of quarters after the 60k sales number was reached. The previous poster is correct in stating that this was part of the legistlation that created the original tax credit from day one.

Sure, I would prefer to have gotten a larger tax credit, but frankly, I am thrilled to still be able to get ANY credit at all. Think about it htis way, the tax credit structure provided a huge incentive for people who made decisions to purchase hybrid vehicles earlier. That seems fair to me.

The thing that irritates me more than this tax credit reduction, is my inability to get a HOV lane sticker here in California. It seems like every hybrid owner in the State went out and got one whether they ever travel in HOV lanes or not. I see plenty of UCSB students here in Santa Barbara driving in Prius vehicles with these stickers, and I can tell you with relative certainty that these kids don't drive home to visit their folks in San Francisco, Los Angeles, or San Diego more than once a month, if even that much. They have an HOV lane sticker. I on the other hand, drive to Los Angeles from Santa Barbara anywhere from 2 to 6 times a month, and I can;t get one of these stickers. And who am I to whine about this, there are people who LIVE in San Francisco, LA, and Sand Diego and need to use HOV lanes every day and can't get a sticker because some UCSB kid has it instead sohe can use the HOV lane 3 times a year when he visits his parents.

THAT is irritating.....not the reduction in Federal tax credits

<div class='quotetop'>QUOTE(brad_rules_man @ Aug 5 2007, 09:28 PM) [snapback]491111[/snapback]</div>

I forgot to congratulate you on the irony you have observed with the 6ton vehicle tax credit. Yes, it was intended to help real businesses owners purchase utlitly commercial vehicles to run their business. But I know a number of people who have used this credit to purchase large, inefficient luxury SUV's that have nothing to do with their business. In fact in at least two cases, the people in question liked one relatively large SUV, and decided to get an EVEN larger and heavier SUV instead so they could take advantage of this credit. Funny that this credit is still around at the same time our President is saying we are "addicted" to foreign oil and need to become less dependent on it. Congress could do something about it too if they wanted.....but I am not holding my breath.

 

<div class='quotetop'>QUOTE(JG in SB @ Aug 9 2007, 12:17 PM) [snapback]493144[/snapback]</div>

FYI...the Tax credit is $787.50 (expires 9/30).....

 

<div class='quotetop'>QUOTE(OpaPaul @ Aug 9 2007, 03:15 PM) [snapback]493238[/snapback]</div>

I just drove home my new 2007 Prius with package #2. I absolutely love this car. I traded my 2004 Camry in; I bought the camry 3 years ago when I needed a new car and no Prius(es) where available. So the first thing I did after taking to the highway for a few miles was to drive through a typical mall parking lot. I was amazed that the car was able to drive for several minutes solely on the electric motor while the current mpg read 99 . Getting the prius for a decent price wasn't too hard, I was able to talk the dealer down to 22K. I guess the tax credit makes it 21.2K. In my opinion, the Prius is worth every cent. I did have a funny moment when I was trying to drive off the lot; I had forgotten that I needed to hold down the brake when pressing the power button. My wife had fun with that one.

 

I know this question is a dead horse but do I have to accept delivery or just have a new car on order to qualify for the tax credit? I am waiting for some free money to arrive and am sweating the dates.
ABH

 

<div class='quotetop'>QUOTE(ABH @ Sep 8 2007, 04:13 PM) [snapback]509230[/snapback]</div>

The IRS regulations require the car to be placed in service on or before the deadline in order to qualify for the tax credit.

 

Interesting Question:

Does an '08 Prius qualify for the tax credit if purchased before 10/1/07?

Also, do '08 hybrid civics qualify for the 2100 tax credit?

(I am torn between purchasing a prius, civic hybrid and the sporty civic coupe) :blink:

Thanks in advance.

Steven

 

<div class='quotetop'>QUOTE(ABH @ Sep 8 2007, 07:13 PM) [snapback]509230[/snapback]</div>

The rule states that the car must be placed in service before 10/1. Since the IRS does not require documentation for the 1040 if you claim a car that does not qualify you will only be caught during an audit.

 

<div class='quotetop'>QUOTE(ABH @ Sep 8 2007, 07:13 PM) [snapback]509230[/snapback]</div>

The rule states that the car must be placed in service before 10/1. Since the IRS does not require documentation for the 1040 if you claim a car that does not qualify you will only be caught during an audit.

 

OMG did you guys see the ford/mercury hybrid credits for the 08? Why do they get more than we do? i dont get it.