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Hybrid Vehicles Honda Civic Hybrid Honda Civic Hybrid
1765 messages, Last post on May 28, 2009 at 1:36 PM
You are in the Honda Civic Hybrid Forum. Your Host is pf_flyer
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Replying to: redbaron42 (Feb 11, 2004 8:52 am)
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I'd talk to a tax expert or CPA to confirm, but my educated guess is that you WILL receive the credit because the credit is given for PURCHASING a hybrid in the tax year, NOT for OWNING it at the end of the tax year. I would confirm with a tax pro, but I'll bet that's what they'll tell ya..... My 2 cents.......... 
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Replying to: oranu (Jul 22, 2004 1:02 am) Second, the IRS rules clearly state you must retain ownership of the vehicle for a full 3 years. Since your HCH is a 2003. $0 is the amount you can claim. Sorry. (Complain to the current administration for not having approved that bill for the hybrid incentives.) JOHN |
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Replying to: john1701a (Jul 22, 2004 8:00 am) For example, for the people who took a $2000 deduction for the 2003 tax year, meaning they purchased a qualified vehicle before 12/31/2003, and then the car is totalled in January 2004 - are they then required to file an AMENDED return saying, "actually, I did not buy or use a qualified hybrid vehicle in 2003" ??? I'm looking on the IRS site to confirm, but I don't think "how long you have the car" is applicable. I may be wrong, but I doubt it.... Lars Bogart
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Replying to: larsb (Jul 22, 2004 8:41 am) "Sales or other dispositions. If you sell of otherwise dispose of the vehicle within 3 years after the date you placed it in service and know or have reason to know that it will be changed in any of the ways above, you are subject to recapture rules. In other dispositions (including a disposition by reason of an accident or other casualty), the recapture rules do not apply." So, translated, that means that if you lose the car to an accident, you are not required to return the credit that you have taken in a previous year. So the three year rule applies for AFTER you have taken a deduction the first time. What is DOES NOT SPECIFY is what is done if the car is lost to accident BEFORE you have taken a deduction at all. That's where a tax expert could come in handy, because the still unanswered question is "do I get the first deduction in year one if I do not end the year with possession of the car?" Lars
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Replying to: larsb (Jul 22, 2004 8:55 am) Comments?
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Replying to: oranu (Jul 22, 2004 10:37 am) Lars |
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Replying to: john1701a (Jul 22, 2004 8:00 am) http://www.detnews.com/2003/business/0311/18/c01-328385.htm
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Replying to: gagrice (Jul 22, 2004 12:52 pm) And yes, the current administration was involved with those. JOHN
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Replying to: john1701a (Jul 22, 2004 1:56 pm) John, are you looking for a good political debate? I would suggest that this forum is not the place for political topics or jabs, especially given the election year and firey potential. |
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