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Prices Paid: Buying & Leasing Experiences Lexus RX 450h Prices Paid and Buying Experience
551 messages, Last post on Nov 26, 2009 at 4:18 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Answering my own question... YES, both purchases and leases qualify for the tax credit. The credit for RX400h is estimated to be $2,200. (http://www.leaseguide.com/Articles/hybrid-tax.htm ) BTW- I was very reluctant to go Lexus, but I LOVE my RX400h. It rides SO much better than the RX330 thanks to the ECVT. It feels like it is floating. I have an Audi with CVT and hated the RX330's rough and clumsy ride. BTW2- The Range Rover Sport was my 1st choice, but decided to keep an open mind. Glad I did b/c it saved me $17K. Plus, I bought myself 36 mos to wait for the RRS to come in a diesel or hybrid.
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Replying to: lexuslv (Feb 13, 2006 1:52 pm) regards, kyfdx Host-Prices Paid Forums |
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Replying to: lexuslv (Feb 13, 2006 1:52 pm) for resale.(4) The vehicle is used predominantly in the United States." Thus, it would appear that you can purchase a qualifying car and take the credit even if you lease it out to someone else BUT you must be the owner of the car (not the lessee) to get the credit.
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Replying to: dondilyon (Feb 14, 2006 8:37 am) I don't see it that way; it appears to me that item (3) indicates that it is the taxpayer who is getting the lease: The vehicle is acquired for use or lease by the taxpayer, and not for resale. I would consult a professional tax consultant on this one... |
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Replying to: stevedebi (Feb 14, 2006 2:11 pm)
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Replying to: stevedebi (Feb 14, 2006 2:11 pm) 1)http://www.irs.gov/newsroom/article/0,,id=153172,00.html This is the IRS's site and the above link goes to a recent press release. 2)http://taxes.about.com/od/deductionscredits/a/hybridtaxcredit.htm This article is written by William Perez, a tax professional who previously worked for the IRS and now works for a private CPA firm. He states in his article "There are three criteria to qualify for the hybrid tax credit: 1. Purchase a qualifying vehicle in 2006. 2. Purchase the vehicle new, not used. 3. The vehicle must be used for your own personal or business use. The vehicle should not be bought with the intention of re-selling it." 3)http://www.energytaxincentives.org/tiap-passenger-vehicles.html This is the Tax Incentives Assistance Project (TIAP) site. TIAP is a coalition of public interest nonprofit groups, government agencies, and other organizations in the energy efficiency field. In their FAQs section they state: " Who is eligible for the tax credits? Buyers and lessors of qualifying vehicles. For purchases by tax-exempt entities, however, it is the seller who is eligible for the tax credit. The benefit of the vehicle credit may be reduced or eliminated for taxpayers subject to the Alternative Minimum Tax; IRS will address this issue in future guidance." It is, of course, important to confirm this information with your own tax advisor. AND - the IRS might change its mind before the end of 2006 to allow lessees of hybrid vehicles take advantage of the credit.
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Replying to: dondilyon (Feb 14, 2006 4:09 pm) If any of these conditions change within 3 years of purchase, you may have to return some of the money saved by the deduction. http://www.fueleconomy.gov/feg/tax_hybrid.shtml |
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Replying to: dondilyon (Feb 14, 2006 3:02 pm) I understand your argument, and I did read the entire context the first time. However, the taxpayer is the person applying for the tax credit, and the taxpayer has to be the leasee, so the only way I see it making sense is if it applies to both purchases and leases. It would make no sense to have the Purchaser someone other than the person filing the taxes (the taxpayer). Typical IRS poorly written guidelines. I stand by my interpretation, but I am not a tax professional. Anyway, as I said earlier, check with your tax professional.
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...on their website... that leasers can't take the credit.. Of course, they could be wrong... Individual purchasers of a Lexus RX 400h ...
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Replying to: kyfdx (Feb 15, 2006 9:58 am) US Government DOE website says you can lease. Who knows? http://www.energy.gov/taxbreaks.htm "Individuals and businesses who buy or lease a new hybrid gas-electric car or truck are eligible for, and can receive, an income tax credit of $250-$3,400 – depending on the fuel economy and the weight of the vehicle. "
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