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IRS just posted the 2012 plug-in Prius for $2500 tax credit

Discussion in 'Gen 1 Prius Plug-in 2012-2015' started by kong_konger, Jan 26, 2012.

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  1. kong_konger

    kong_konger Junior Member

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    Plug-in Base
    Now pip is definitely qualified for tax credit.

    Model Year
    Vehicle Description
    Credit Amount
    2012​
    Toyota Prius Plug-in Electic Drive Vehicle​
    $2,500​

    Sorry, I can't post the website,:mad: (I have made very few posts here).

    My question is:

    Is this $2500 for 2011 tax return or 2012 tax return?
     
    #1 kong_konger, Jan 26, 2012
    2 people like this.
  2. ksstathead

    ksstathead Active Member

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    The credit is for the year in which you buy a new 2012 Plug-in Prius, which is no earlier than 2012 since it is not for sale yet.
     
    #2 ksstathead, Jan 26, 2012
  3. moolman

    moolman Member

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    I have a used flux capacitor, pulled from a Delorean, for sale. You can install install it in your PIP once you get it. SOLD AS IS, it's up to you to buy the nuclear material or find a Mr. Fusion to power it. I don't think the Li-on battery will be enough to power it alone.
     
    #3 moolman, Jan 26, 2012
  4. usbseawolf2000

    usbseawolf2000 HSD PhD

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    #4 usbseawolf2000, Jan 26, 2012
    1 person likes this.
  5. bisco

    bisco cookie crumbler

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    how much you want for it?
     
    #5 bisco, Jan 26, 2012
  6. moolman

    moolman Member

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    I'll do an even trade for a hoverboard in good condition with no chips or dents.
     
    #6 moolman, Jan 26, 2012
  7. iRun26.2

    iRun26.2 New Member

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    I am baffled by this 'sub-thread'...
     
    #7 iRun26.2, Jan 26, 2012
  8. Allannde

    Allannde Just a Senior

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    This might help:[ame=http://en.wikipedia.org/wiki/DeLorean_time_machine]DeLorean time machine - Wikipedia, the free encyclopedia[/ame]
     
    #8 Allannde, Jan 26, 2012
  9. crewdog

    crewdog Acting Ensign Prius Prime

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    #9 crewdog, Jan 27, 2012
  10. mrbigh

    mrbigh Prius Absolutum Dominium

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    In one way or the other, the tax credits are for grabs and I'm planing to exercise my rights with the federal's
     
    #10 mrbigh, Jan 27, 2012
  11. iRun26.2

    iRun26.2 New Member

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    #11 iRun26.2, Jan 27, 2012
  12. radiocycle

    radiocycle Active Member

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    Huh??? I don't get it....:confused:
     
    #12 radiocycle, Jan 28, 2012
  13. jbrad4

    jbrad4 Active Member

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    Go watch the "Back to the Future" movies.

    Flux Capacitor
    [​IMG]
     
    #13 jbrad4, Jan 28, 2012
  14. jack520

    jack520 Member

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    I am still trying to use up the solar upgrade from putting Solar on my roof.

    Does this 2500 credit need to be taken in 2012 or can it roll over into 2013?
     
    #14 jack520, Jan 29, 2012
  15. Paradox

    Paradox Prius Enthusiast / Moderator
    Staff Member

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    If you take delivery in 2012, the credit is for tax year 2012 which you file in 2013. If you buy a PiP in 2013 you have to wait until you file tax year 2013 in 2014. Personally, I've never heard of rolling over the credit.
     
    #15 Paradox, Jan 29, 2012
  16. moolman

    moolman Member

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    I'm a Back to the Future fan not a tax attorney nor did I stay at a holiday inn express last night but the IRS will tell you if a credit can be rolled over and this one is not.

    In 2006 when I got the hybrid credit, I was only able to get 3/4 of the credit due to the minimum tax and I couldn't roll it over to next year.
     
    #16 moolman, Jan 29, 2012
  17. chenyj

    chenyj Member

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    It is interesting. According to the IRS tax code, the minimum battery size has to be at least 5kWh in order to qualify for the $2,500 tax credit. In Toyota's spec, PIP has only 4.4kWh capacity. It should be qualified. Did I miss something?

    Here is the reference.
    Plug-In Electric Vehicle Credit (IRC 30 and IRC 30D)

    For vehicles acquired after December 31, 2009, the credit is equal to $2,500 plus, for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt hour of battery capacity in excess of 5 kilowatt hours. The total amount of the credit allowed for a vehicle is limited to $7,500.
     
    #17 chenyj, Feb 2, 2012
  18. Trollbait

    Trollbait It's a D&D thing

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    The Prius PHV probably falls under this credit:
    Unless, the Prius PHV actually has a larger pack, and the publish 4.4kWh is just capacity available for use, it will only have a federal credit for one year.
     
    #18 Trollbait, Feb 2, 2012
  19. ksstathead

    ksstathead Active Member

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    You only need 4 kwh to get 2500 credit per 30D(d)(1)(F)(i).
    The quoted paragraph above is for the extra 417 per kwh for those with 5 or more kwh.
     
    #19 ksstathead, Feb 2, 2012
  20. ksstathead

    ksstathead Active Member

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    The section 30 credit is deadwood after 12/31/2011. Prius, Volt, Leaf, and all the others are 30D credits.

    The business use portion of the credit will carry forward if there is not enough tax, but I think the personal portion does not carry over.
     
    #20 ksstathead, Feb 2, 2012
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