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  1. #21
    Guest

    Wait until 1 Jan to buy your 2006 Hybrid

    Just as a guess how many months do you think the credit will last for each automaker?

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  3. #22
    Guest

    Wait until 1 Jan to buy your 2006 Hybrid

    Toyota: 9-12 months
    Honda: 12-18 months
    Ford: 1-2 years
    Nissan: 2-4 years
    GM: Forever

  4. #23
    Guest

    Wait until 1 Jan to buy your 2006 Hybrid

    Considering the pace that which they are selling it hard to tell. Toyota could end in as little as 3 months. Here is an article from MSNBC that talks about the pace hybrids are selling:
    http://www.msnbc.msn.com/id/7622450

  5. #24
    Guest

    Wait until 1 Jan to buy your 2006 Hybrid

    Can someone provide a link to the gov't publication that says that I can buy an 05 model and take possession/delivery of it in 01/01/06 and be able to receive the credit?

  6. #25
    Guest

    Wait until 1 Jan to buy your 2006 Hybrid

    I've been using this document. The tax credit information your looking starts on page 1391. The hybrid portion starts on page 1401.

    All it says is put into service during the tax year.

    Good Luck

    http://www.ne.doe.gov/EPAct2005/hr6_textconfrept.pdf

  7. #26
    Guest

    Wait until 1 Jan to buy your 2006 Hybrid

    I emailed Ann Job that wrote the article for the Detroit News and asked her if the IRS mentioned if this credit will be claimed on the 2006 tax return (which is filled out and filed on or before April 15, 2007) or if there will be another "Rebate Form" that will be used to apply for this? If it is on the tax return, how are they going to track the fact I took delivery on Jan 2, 2006 and am entitled to the full (100% of eligible rebate) rebate while my hypothetical neighbor down the street took delivery in December of 2006, possibly months after the 60, 000 Honda Hybrid vehicle was sold, and therefore he is only entitled to a percentage (possible as low as 0%) of the rebate?

    She responded --------
    "The IRS still doesn't have the answers, though. In fact, I couldn't get anyone from the IRS tax department to return my calls
    -- and e-mails. I wound up getting what I could from someone at the IRS 800 help line. He admitted he didn't have many answers, either. And he wasn't hopeful that you -- or me -- would find them in the near future on the IRS website. In fact, he said that the maintenance of the IRS website has basically been waylaid as personnel have been shifted over to doing websites that provide timely information for hurricane victims down south. Meantime, the car companies confidentially have indicated that they're a bit frustrated that the IRS isn't jumping on this yet. Toyota, for example, has
    sent in documents suggesting how to handle things, but they're nowhere near getting a response."


  8. #27
    Guest

    Wait until 1 Jan to buy your 2006 Hybrid

    What if I need a vehicle now? We are in the queue to receive a 2006 Honda Civic Hybrid this month. Can we still get the deduction? IRS doesn't list 2005 vehicles for the 2005 tax deduction. Has anyone else tried this?

  9. #28
    Guest

    Wait until 1 Jan to buy your 2006 Hybrid

    My post didn't come out quite right. We are to buy a 2006 Civic Hybrid. The IRS doesn't list any 2006 vehicles in the 2005 deductions. Has anyone investigated 2005 tax deductions for 2006 vehicles purchased in 2005?

    Thanks!

  10. #29
    Guest

    Wait until 1 Jan to buy your 2006 Hybrid

    Don't see that anyone has mentioned this before, but beware that if you end up paying alternative minimum tax (AMT) in 2006 you will get nothing. AMT does not allow for tax credits of this nature. And it's kind of hard to determine whether you will meet criteria for AMT or not, although likelihood is higher with increased income and lots of deductions. For some people may be safer to take the tax deduction in 2005 than gamble on the 2006 tax credit.

  11. #30
    Guest

    Wait until 1 Jan to buy your 2006 Hybrid

    Another question on the timing question. We put our name on a list back in Sept for a Prius and just got a call from our dealer saying he will have a 2005 Prius for us on 12/10/05. First, are we stupid to get an '05 in December? Second, is there a way we can pay for the car on 12/10/05 (so the dealer can report it sold and get his next shipment of Prii) but wait to "place the car into service" until Jan so that we can get the 06 tax credit?

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