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2 Tax Credits?

Discussion in 'Prius Tax Credit Discussion' started by XLR8, Oct 28, 2006.

  1. XLR8

    XLR8 New Member

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    Las Cruces, NM
    My 2006 Prius was put into service on Jan2, 06 (so, we should get the $3,150 credit).

    If we buy another hybrid (Prius or Camry), will we get another federal tax credit?
    Or, is it only one credit per household filing jointly?

    Either way, we're getting one...but would like to know of course.

    I do know about the scaling down of the credits regarding the dates/units sold.

    Thanks,
    Aaron
     
    #1 XLR8, Oct 28, 2006
  2. tacomel

    tacomel New Member

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    Two purchases = two credits (of the appropriate amount, based on which vehicle and also whether it was before or after October 1). It's not limited at one per person, one per household, etc.

    Note that the higher your total "hybrid credit" gets, the more likely you are to run up against the tentative minimum tax and thereby not be able to use all of the credit. There's a ton of threads here about that... and suffice it to say it's very complicated and requires substantial calculations for your specific situation. This is where I stop on that subject and refer you to the search tool, or better yet, your accountant.
     
    #2 tacomel, Oct 28, 2006
  3. XLR8

    XLR8 New Member

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    <div class='quotetop'>QUOTE(Taco Mel @ Oct 27 2006, 10:38 PM) [snapback]339796[/snapback]</div>

    Thanks Taco Mel!

    Yeah, that alternative min tax thing...I remember seeing it all over the place here. Perfect answer and perfect place for you to "stop" on the subject. LOL! And so true. We'll see on the AMT thing with our tax folks.

    Thanks again dude!
     
    #3 XLR8, Oct 28, 2006
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