I bought my HCHII in May and was thinking about selling it since I got a company car. Would I still get the tax credit if I sell my car before I file taxes or would I have to wait till after I file taxes and then sell the car to get the tax credit?

 

I could not find anything that specifically addresses your question, but here is the necessary form and instructions for claiming the credit.

http://www.irs.gov/pub/irs-pdf/f8910.pdf

 

My guess is that you do get the credit, because the timing of the credit is based off of putting the car 'in service' during that tax year, so if you sell it to someone else, I think that they would not be eligible for the tax credit, since they weren't the ones who put the car 'in service.' I am not completely sure about this, but it's my interpretation of all the stuff I read about the tax credit when I bought the car and when I was doing my taxes earlier this year. I am a lawyer, but not a tax lawyer, so I have some idea, but don't take my word for it.

 

That is what I am trying to figure out. It looks like I would still get the credit. Only people that purchase them new get the credit.

 

Because you are the original purchaser of the car, you are entitled tot he tax credit. Secondly where do you live because I am looking for a HCH II

Thanks

 

I am in Chicago.

 

I would see how you could get your company to compensate you for the Hybrid rather than a company car. I don't see any downside to the Hybrid: it has 4 doors and comfortable seating for 4 adults, it has "oh Jeezus" handles in every seating position (EVEN the driver - gotta love that), it has map pockets in the door of each seating position, it has a pocket in the back of each front seat, it has 10 airbags, and it gets 50 mpg. I don't see any company-paid car (typically an SUV or full-size car) coming anywhere close to matching the Civic Hybrid ... maybe they would want a Camry or Accord Hybrid for the larger size ... but your company should really look at somehow compensating you for your car instead.

I work as a computer technician repairing computers and drive a good many miles each day. I have now owned my HCHII since last Monday evening and it already has 1,650 miles on it (averaging 205 miles/day including weekends or 195 miles/day for work). My company reimburses me a "flat rate" (govt rate) for mileage but also cover an additional cost since we use our own vehicles. My previous car ran the same 800-mile weeks but took two 20-gallon tanks per week or 20 gal * $3/gal * 2 fills/wk or $120 a week in gas but with my new HCHII averaging 45 mpg that is 17.5 gal/wk * $3/gal or $52.50 a week for gas. Right off the bat I'm saving them $60-$70 PER WEEK in reimbursing my fuel cost and for the whole year this amounts to $3,000-$3,500 that my company is saving because I'm driving a Hybrid. They are MORE than happy to have me use my own car rather than any rental car or company-purchased car.

Mine has the Navigation option and I don't know many company cars that come equipped with this option and this is a tremendous help (bordering on necessary) for a job where one drives around to businesses and residences 5 times a day and need to make the most efficient routes as possible instead of driving in a star pattern. Good luck though but I would lay out some numbers for the company to evaluate.

 

exbauer: If you're in Chicago, please join the Chicago roll call! The link is
https://www.greenhybrid.com/discuss/...hlight=chicago

so please post, as we just like to know who the other local hybrid owners are and when they join. Direct other Chicago people there if you notice them. Thanks!

 

You get the credit, you are the original purchaser of a "new" hybrid during this tax year. The second owner would not get it as it is considered a used car.

 

Thanks for the answers. Just wanted to make sure I would get the credit since I purchased it new.