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Prius Tax Credit and AMT Carry Forward

Discussion in 'Gen 2 Prius Main Forum' started by tds, Jan 19, 2009.

  1. tds

    tds New Member

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    I replied an old post in the Tax Credit sub-forum. But it seems the traffic there is very low. So I reposted it here, hoping to get more info.

    What is the phone number of the Complex Law Division of the IRS? I've noticed in the 2008 TaxCut software indicates the the disallowed Alternative Vehicle Credit due to AMT can be carried over. But the Form 8801 only indicates that Disallowed Electric Vehicle Credit can be carried over, with very little detail in the instruction. I want to find out whether TaxCut's claim is correct or not.
     
    #1 tds, Jan 19, 2009
  2. bruceha_2000

    bruceha_2000 Senior Member

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    Northwest VT
    Vehicle:
    2018 Prius Prime
    Model:
    Prime Advanced
    When did you buy your car? I presume since you are asking now, it is for the 2008 tax year and is thus a moot point. The tax credit for any hybrid made by Toyota Motor Corp (therefore including Lexus) dropped to 0 on Oct 1, 2007.

    Lovely scheme put into the law to help the Detroit 3 through protectionism even though they had ZERO to offer in competition (and still don't). If the law makers actually gave a rat's patootie about people buying fuel efficient vehicles, they would not have added the 'phase out starting at 60,000 vehicles per manufacturer' clause.
     
    #2 bruceha_2000, Jan 21, 2009
  3. tds

    tds New Member

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    If the disallowed credit due to AMT can indeed be carried forward, I can file an amended return for 2007 to get back (a portion of) the credit I lost in 2006. But I suspect it is just a mistake TaxCut has made.

    Note the disallowed Electric Vehicle Credit due to AMT can always be carried forward.
     
    #3 tds, Jan 22, 2009
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