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Hybrid Vehicles Toyota Camry Hybrid Toyota Camry Hybrid: Ordering Process
530 messages, Last post on Nov 10, 2006 at 4:26 AM
You are in the Toyota Camry Hybrid Forum. Your Host is pf_flyer
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Replying to: djpdx1 (Jun 15, 2006 12:25 pm)
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Replying to: tomjc (Jun 15, 2006 5:39 pm) Keep in mind that if you trade your hybrid vehicle you may have to give up the tax credit and you probably can't reclaim it with the new (used) vehicle you would be buying. I'm no expert on this but you should check that out prior to a change.
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Replying to: wvgasguy (Jun 16, 2006 3:32 am) You might want to check with the IRS on the following: The vehicle is acquired for use or lease by the taxpayer, and not for resale. Rules relating to recapture of credit (e.g., if the vehicle is re-sold) |
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I had second thoughts but I couldn't resist--I love my mag gray/bisque Camry. But for the heck of it, I listed it on EBay and it quickly sold to a guy in California for 2.5K over what I paid, not including the federal and state tax credits that I will get! (and I will get them) I then called my dealer and guess what? Please don't hate me--they have an exact copy (color/options, etc) of my car arriving this week. A cancellation. The buyer is picking up my car on Tuesday and the replacement for it will arrive sometime this week. Capitalism--I feel guilty but, heh, the guy wanted a new Camry hybrid and he didn't mind paying a premium. I get a new one without miles. Sigh...I hate myself.
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Dipdx1: You may want to check the tax laws. I've heard that you may not get to keep the credit if you resell the car. Here is an article: http://hybridcars.com/tax-deductions-credits.html "The new law for the hybrid tax credit might require taxpayers to recapture their hybrid tax credit if they re-sell their hybrid car or truck." Again, this is all unconfirmed. Let us know what you find out. YMMV |
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I found some interesting Tax Credit Links. Some of this is new: Information on the deduction: http://hybridcars.com/tax-deductions-credits.html Form for the deduction: http://www.irs.gov/pub/irs-pdf/f8910.pdf US Tax Code relating to the deduction. http://www.taxalmanac.org/index.php/Sec._30B._Alternative_motor_vehicle_credit If I read it correctly, there are still rules to be written, including one regarding "recapture" of the credit: (8) RECAPTURE- The Secretary shall, by regulations, provide for recapturing the benefit of any credit allowable under subsection (a) with respect to any property which ceases to be property eligible for such credit (including recapture in the case of a lease period of less than the economic life of a vehicle). As always, YMMV. |
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Replying to: djpdx1 (Jun 17, 2006 6:55 pm)  You get 2 cars while I wait for just one... 
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Replying to: djpdx1 (Jun 17, 2006 6:55 pm) |
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djpdx1, What about sales tax? Didn't you have to pay it when you bought it -- and you don't get it back when you sell it, do you? Unless I am misunderstanding something...
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Replying to: ehasz (Jun 18, 2006 3:41 pm) Thats 1835 in tax in my state (Michigan), and they charge tax on the full vehicle price, regardless of your trade in (which kind of sucks - but that is another story)... |
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