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12-08-2005 01:03 AM #32
Wait until 1 Jan to buy your 2006 Hybrid
I have a deposit on a hybrid highlander, N grade base model, no package, floor mats only, V 6.
I will buy and put into service this SUV after January 1, 2006.
(see below my previous tax benefit claims)....If I buy it with my money as a gift for my adult daughter, am I eligible to take the deduction on my taxes if the title is in her name at point of purchase?
I do not want the title in my name. I want to take the deduction allowed under the Energy Bill if possible but would not worry too much if my daughter had to take it on her and her husband's tax return.
My husband and I previously bought a Prius (2006 calendar year) and a Lexus 400h Hybrid (calendar year 2005) and we use these two cars. we took the tax reduction benefit for these cars (still to do on the 2005 purchase of Lexus).
My daughter and her husband bought a Lexus 400h (hybrid) and want another hybrid. They will take the tax benefits on one or both if necessary.
My concern is to properly document the purchase in terms of title and who is the actual Buyer (pays for it).