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Can I take the credit now for 2006 taxes?

Discussion in 'Prius Tax Credit Discussion' started by coonbutt, Mar 31, 2007.

  1. coonbutt

    coonbutt New Member

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    Hey guys.

    Does anyone know if I can get the hybrid tax credit on my 2006 tex return, that I haven't yet filed, if I buy the Prius in 2007 before filing? Just picked it up today!

    Thanks for your help.
     
    #1 coonbutt, Mar 31, 2007
  2. livelychick

    livelychick Missin' My Prius

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    <div class='quotetop'>QUOTE(prickly commute @ Mar 31 2007, 10:10 PM) [snapback]415729[/snapback]</div>
    Congrats! What color did you decide on?

    And the answer to your question is a resounding NO.
     
    #2 livelychick, Mar 31, 2007
  3. coonbutt

    coonbutt New Member

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    <div class='quotetop'>QUOTE(livelychick @ Mar 31 2007, 09:21 PM) [snapback]415734[/snapback]</div>
    Thanks!

    I ended up going with the Pine metallic with gray interior package #2. The color is growing on me. Got it for $74 over invoice, including floor mats and the "vehicle shield package". Also got the 0% for two years on the whole thing, and free oil changes. Not bad at all, I don't think, especially with the tax credit. I guess I will have to hold off on the credit until next year. B)

    When I go in to get my plates though, I am going to have them show me the sound proofing undermeath that is supposedly part of the package. <_<

    By the way, I got 54.5 mpg on my way home from the dealership! :D
     
    #3 coonbutt, Mar 31, 2007
  4. livelychick

    livelychick Missin' My Prius

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    <div class='quotetop'>QUOTE(prickly commute @ Mar 31 2007, 10:29 PM) [snapback]415738[/snapback]</div>
    Good for you!

    Do you feel like George Jetson yet? I did when I first got mine...it still feels like a spaceship to me.

    Well, not so much George as Daughter Judy...

    I wish I had free oil changes and zero percent! As gas prices go up, watch those promotions go down...I'd say you made your decision in the nick of time.

    Welcome to the (unofficial) club!
     
    #4 livelychick, Mar 31, 2007
  5. coonbutt

    coonbutt New Member

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    <div class='quotetop'>QUOTE(livelychick @ Mar 31 2007, 09:37 PM) [snapback]415743[/snapback]</div>
    Yep, the car does feel very technologically advanced for its price. Really a great deal, even at MSRP! I love the smart key! I've never even had keyless entry, so it's quite a step up! :)

    It's definitely a Jetson car. :)
     
    #5 coonbutt, Mar 31, 2007
  6. 8AA

    8AA Active Member

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    While you can't take the tax credit this year, you will be able to claim it next year. I haven't kept up with the phase-out schedule, but it might be good that you brought it in March instead of April. Maybe someone else can tell us what it was in March and whether it is now down to 25% of it's original value.
     
    #6 8AA, Apr 1, 2007
  7. Tom6850

    Tom6850 Retired

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    Up to March 31st, $1575, April 1st to Sept. 30rd, $787.50, Oct 1st $0.00. You would have had to pay at least $1575 in taxes to get that much back. If you have to many deductions and make to much you may be hit with the AMT tax. Good luck next year.
     
    #7 Tom6850, Apr 1, 2007
  8. coonbutt

    coonbutt New Member

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    <div class='quotetop'>QUOTE(Tom 6850 @ Apr 1 2007, 07:17 AM) [snapback]415904[/snapback]</div>
    Thanks for the replies. I specifically bought yesterday because of the credit reduction starting tomorrow - might as well save $800! My wife and I don't itemize (rent, no kids, no state income tax), and aren't near the AMT, so we should get the entire credit.

    The whole purchase was a little rushed, but it's a great car you all have. My wife was a little unsure about it at first, saying "well it's your car, I wouldn't drive it, but do what you want...", until I brought it home and it was sitting in the driveway. After she drove it once last night to the store and back with me she immediately claimed it for running her errands today. :)
     
    #8 coonbutt, Apr 1, 2007
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