tax return for used ????
#21
Re: tax return for used ????
Originally Posted by ElanC
No need to speculate. The tax credit that kicks in on Jan. 1, 2006 is good for only 60,000 hybrid vehicles per manufacturer. This means that the Prius will reach its quota in about six months, after which its credit will be phased out over the next 15 months. The full credit for the HCH and HAH may last about one year at current sales rates, after which it will gradually be phased out over 15 months. The whole program expires in 2010.
#22
Re: tax return for used ????
Originally Posted by IMAhybrid
wait. that's dumb. i thought the purpose of the tax breaks was to increase the number of hybrids on the road... if they are only doing them for a certian number vechicles then it's not really doing anything.
The reason for limiting to a certain number of vehicles is budget contraints.
The same goes for the HOV lane stickers in California. Most of them will go to people who already owned hybrids, not to new buyers. What kind of incentive is that?
#23
Re: tax return for used ????
Originally Posted by bar10dah
you'd be paying back the $2,000, plus interest, plus fines, PLUS possibly more depending on whatever else they find on your returns.
Also, the use period of the deduction is 3 years; if you sell the car within that time -- don't own it a full three years -- you are subject to a prorated repayment of the monies you saved via the deduction, which is why some people who knew they were not going to keep the car three years did not bother to do the paperwork to take the deduction in the first place. I know that we weren't sure we'd keep our '01 Prius for three whole years, and so didn't take the deduction right away. The third year of ownership, we filed an amended return instead, claiming the deduction -- that was less work than trying to repay a prorated amount if we had sold the car within the time frame.
However, I knew I was keeping my '03 HCH for three years, and filed that one right away.
Hope this helps!
peace,
Linda
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