Last post on Sep 16, 2013 at 12:54 PM
You are in the Ford Escape Hybrid
What is this discussion about?
Ford Escape Hybrid, Hybrid Cars
#860 of 1617 Escape Hybrid IRS Deduction
Dec 14, 2004 (6:49 am)
It's now official. Just in time for your tax planning ....
2005 Ford Escape Sport Utility Vehicle Certified for Clean-Fuel Deduction
IR-2004-147, Dec. 13, 2004
WASHINGTON — The Internal Revenue Service has certified the model year 2005 Ford Escape as being eligible for the clean-burning fuel deduction. The certification means taxpayers who purchase this vehicle new may claim a tax deduction of $2,000 on Form 1040.
Federal tax law allows individuals to claim a deduction for the incremental cost of buying a motor vehicle that is propelled by a clean-burning fuel. By combining an electric motor with a gasoline-powered engine, these hybrid vehicles obtain greater fuel efficiency and produce fewer emissions than similar vehicles powered solely by conventional gasoline-powered engines.
Under the recently signed Working Families Tax Relief Act of 2004, the clean-burning fuel deduction is up to $2,000 for certified vehicles first put into service in 2004 and 2005. The deduction will be limited to $500 for vehicles placed in service in 2006 and no deduction will be allowed after that year.
The one-time deduction must be taken in the year the vehicle is originally used. The taxpayer must be the original owner. Individuals take this benefit as an adjustment to income on Form 1040. They do not have to itemize deductions on their tax returns to claim it.
The amount of the deduction for the 2005 Escape was set after the manufacturer, Ford Motor Company, documented for the IRS the incremental cost related to the vehicle’s electric motor and related equipment.
The IRS has previously certified Toyota and Honda hybrid vehicles. The Toyota Prius was certified for model years 2001, 2002, 2003, 2004 and 2005. The Honda Insight was certified for model years 2000, 2001, 2002, 2003 and 2004 and the Honda Civic Hybrid for model years 2003 and 2004.
Related Item: Clean-Fuel Vehicle Deduction Available for Certain Models
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#861 of 1617 Audiophile System questions
Dec 16, 2004 (11:12 am)
Our local dealer has one opening (someone cancelled) for a Hybrid and we're off tomorrow to put down our deposit. We are paying MSRP and will have to wait 6 weeks. We lucked out because they are giving us a good trade-in for our total gas guzzler - a Land Rover Disco.(Shell gas bill for Sept was $250!) So I guess that would even out paying MSRP instead of invoice. They said they would even try and tweak the trade-in so we can work in the very expensive Audiophile system. Does anyone have this? Is it worth the extra $1,850? We tried to use X-Plan but they said not on Hybrid or T-Bird. They are waiving processing fees in lieu,plus a few other goodies, I hope..
Looking forward to good gas mileage..Just curious about the Audiophile.
Oh.. and does the Hybrid have an ashtray?? Dumb question, but would like to know. Some 2005's don't anymore.
#862 of 1617 Ashtray? Not!
Dec 16, 2004 (12:05 pm)
No Escape really had an ashtray. The ashtray in the older Escapes was a pop-in that took the place of one of the front cupholders. I took delivery of my Hybrid and it didn't even have a cigarette lighter (though has the outlet for one)
Dec 16, 2004 (4:20 pm)
guys, I am new to this thread and I was hoping you guys could answer a question on the Hybrid...
I thought the Hybrid technology was at least in part licensed from Toyota, so Ford is paying royalties to Toyota for each Hybbrid sold, but now i read in freep.com that
"Ford expects to sell as many as 20,000 Escapes next year. Ford developed its system independently. The electric motor in the Escape Hybrid provides power at slow speeds and provides a boost for the gasoline engine when the SUV accelerates."
So which one is true? Is Ford independant or is it paying toyota?