Tax Credit Question
#1
Tax Credit Question
I purchased my '06 MMH on 9/1/06. When researching the clean air tax credit, the IRS site mentions 60K units and quarters. Does anyone know if the 2006 MMH has sold over 60K units or how Ford breaks down their quarters?
#2
Re: Tax Credit Question
It is my understanding that Ford/Mercury hasn't sold enough for this to matter yet. You'll get the full allotment for your type of vehicle - which varies as to whether it is AWD or 2WD. Are all MMH AWD? I'm not sure what the AWD credit is, but it is $2600 for the 2WD FEH.
#5
Re: Tax Credit Question
Originally Posted by 2006MMH
Thanks. All the MMH are 4WD. The tax credit would be $ 1,950 (same as the FEH 4WD). To claim the tax credit, do I only have to fill out the 1040 form? Any other steps in the process?
#6
Re: Tax Credit Question
Originally Posted by 2006MMH
I purchased my '06 MMH on 9/1/06. When researching the clean air tax credit, the IRS site mentions 60K units and quarters. Does anyone know if the 2006 MMH has sold over 60K units or how Ford breaks down their quarters?
http://www.electricdrive.org/index.p...icles&topics=7
I'm not sure here, but I thought I saw that there's another form to attach to the 1040 to claim the Hybrid credit. If you use software for you tax, it would take care of that for you.
#8
Re: Tax Credit Question
It's unlikely IMO that Ford wants to hit that limit. They aren't making nearly as much money on the hybrid as they do on a fully loaded V6.
So anyway, part B to this question if I might ask is: What happens to the credit if you sell the vehicle in the same year of purchase?
So anyway, part B to this question if I might ask is: What happens to the credit if you sell the vehicle in the same year of purchase?
#9
Re: Tax Credit Question
The rules say you must keep the Hybrid for 3 years to keep the full credit.
IRS assumes most people keep the car 3 years or more, so you may take the credit up front.
Technically, if you sell the car sooner, you have to give back 2/3 of the credit if you keep the car 1-2 years, or 1/3 of the credit if you keep the car 2-3 years.
You are not supposed to claim any credit if you resell the car in less than 1 year.
So anyway, part B to this question if I might ask is: What happens to the credit if you sell the vehicle in the same year of purchase?
IRS assumes most people keep the car 3 years or more, so you may take the credit up front.
Technically, if you sell the car sooner, you have to give back 2/3 of the credit if you keep the car 1-2 years, or 1/3 of the credit if you keep the car 2-3 years.
You are not supposed to claim any credit if you resell the car in less than 1 year.
Originally Posted by snax
So anyway, part B to this question if I might ask is: What happens to the credit if you sell the vehicle in the same year of purchase?
#10
Re: Tax Credit Question
Toyota is the only manufacturer that has surpassed the 60k mark and that was early in the 2nd quarter. So, if you are looking to get the full tax credit for a Toyota or Lexus hybrid, you have to take delivery by the end of September.
Ford is still a ways from the mark. They do not have a major hybrid only model, like Prius, to drive their sales.
Ford is still a ways from the mark. They do not have a major hybrid only model, like Prius, to drive their sales.