What a Joke of a Tax Credit
Created February 10, 2007, at 9:45 pm by pogli
Just finished my taxes using one of those Tax programs to find out that I will recieve no Tax credit for my 2006 civic hybrid. I don't recall seeing any limitations to tax credits upon buying my car. I went to the IRS website and saw no stipulation. It appears that the hybrid credit comes after any other credit one may get. For example, a child credit. I found an interesting post titled Hybrid tax credit bait and switch by
Edward F. McQuarrie. Do a search on google and you will be amazed. I thought I researched my purchase well and I feel that us consumers have been mislead about this tax credit. I will look over my taxes manana. Who knows.... Maybe I did it wrong.
Free Email Newsletter Sign-up
All the latest news in a free and engaging bundle. Totally free!
No, its just like the government come out with something and then make a bunch of legal "mumbo jumbo" to make it were those who do follow the rules get screwed. You know I just came across a article that might interest you. It talks about all the confussion that the IRS has made around this hybrid tax credit .
I'm looking to get a new Prius in the next week or so, I've just gotten rid of my 2001. My accountant says that I won't qualify for the Fed credit any longer, due to the fact that Toyota has sold 60,000 hybrids. He wants me to get a Civic Hybrid, or even better, a GX natual gas model which has HUGE new tax incentives. Well, I drove both the Civic and Prius today, and I think I'm sticking with the Prius.
Now, here's my tax question: The dealer said that if I crush a 10 year old car and take it off the road, the State of Colorado will double my tax refund, which is currently over $3k. This will carry over for 5 years if I max out my tax breaks for the first year. I've seen some paperwork that seems to support this statement, but I'm not finding any real details. Anyone know if this is true?
Would I need to own the old car first? Or can I buy one later this year and crush it at a salvage yard?
Would they truly double my tax break, or only 'up to' the value of the junker that I took off the road?
Any info, links, etc. would be greatly appreciated.
Uncle sCam ;-(
He can promise the Universe & deliver 000000
Post a new comment