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No Hybrid Tax Credit with AMT
Originally Posted by gpsman1
(Post 124042)
It's not the dealer's fault, nor the car manufacturer's. It is YOUR fault.
Trust me on this. All the dealers and manufacturers have done their homework and have covered all bases. You are the one who did not do your homework. You will never get any lawsuit to be heard, since there is no valid reason for one. Sorry. But that's the truth. Geeesh GPSMAN1 I wish I were as smart as you. Next time I buy a car I will get your approval before spending my money. |
Re: No Hybrid Tax Credit with AMT
We bought 2 Toyota Prius's, a 2006, then a 2007, expecting to get a credit of $3,150 on the '06 and $1,575 on the '07 due to their sales. I even called my tax lady, and she said "yes that's a great idea!" Of course, due to AMT, we ended up getting around $476. This really shocked me, since we have had 3 hybrids in the past, and always received tax deductions.
We love these cars, but will likely keep these two forever. or until the government decides to do something with the AMT. or offers a legitimate tax break once again. |
Re: No Hybrid Tax Credit with AMT
People who bought the Prius because of the tax credit did so because of the incentive. My incentive was the gas savings. I bought a 08 in November 2007. I don't even know if I qualify nor do I care. I probably won't get the stickers either. Do I care? Not one bit.
All I care about is that I avergage 3 times better gas mileage as my previous car and I don't have to pump super-unleaded. |
Re: No Hybrid Tax Credit with AMT
Always check to see if you have a state incentive.
My state incentive ( refund ) was more than the IRS one, and had nothing to do with the AMT. |
Re: No Hybrid Tax Credit with AMT
The worst thing to me is that not only can you lose out with the AMT, but if you are qualified for the Earned Income Credit (for us poor folks) you don't get it either. I looked it up on the IRS site before we bought and looked at some discussions here, so I knew we wouldn't get it. It didn't stop the salesmen from telling us it was OK to pay full price since we would get this great tax credit. I am not sure I even agree with the Earned Income Credit, but to save gas and the environment, it would have been nice to have some "reward" to make up for the higher price of the hybrid.
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Re: No Hybrid Tax Credit with AMT
Since 2001, Congress has temporarily increased income exemption levels. The last "patch" - for 2006 - put the exemption levels at $62,550 for joint filers and $42,250 for single filers. The bill the House passed calls for an increase in those levels to $66,250 and $44,350, respectively. Without a patch, the 2007 exemption amounts would have fallen to $45,000 for joint filers and $33,750 for single filers. |
Re: No Hybrid Tax Credit with AMT
So, will the recent "AMT reprieve" affect these credits for the 2007 tax year?
On the last day of legislative business this year, the House voted 352-64 to "patch" the so-called AMT, ensuring that millions of middle-class households -- some with incomes as low as $75,000 -- will be sheltered from the tax's bite. |
Re: No Hybrid Tax Credit with AMT
Originally Posted by leoashton
(Post 155028)
So, will the recent "AMT reprieve" affect these credits for the 2007 tax year?
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Re: No Hybrid Tax Credit with AMT
Just got a new TurboTax update downloaded.
It shows that I will get the full $3,000 credit for buying my 2008 FEH in December. I retired in mid-year and have been drawing out money since (that is the long-term plan). Maybe my numbers just hit the proper brackets for avoiding the AMT reductions. TurboTax is showing no AMT impact. |
Re: No Hybrid Tax Credit with AMT
The credit is fine, it's the AMT that's rotten.
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