You are here: Forums Hybrid Vehicles Nissan Altima Hybrid Altima Hybrid Tax credit question and answer

Altima Hybrid Tax credit question and answer

8 messages,  Last post on Aug 14, 2009 at 9:13 AM

You are in the Nissan Altima Hybrid Forum. Your Host is pf_flyer

What is this discussion about? Nissan Altima Hybrid, Nissan Altima, Hybrid Cars, Sedan

Messages Page 1 of 1 All Messages Displayed

Go To Msg # Search This Discussion

#1 of 8 Altima Hybrid Tax credit question and answer by cptcmpost Jun 01, 2007 (4:02 am)
Let this be the thread for questions about the Altima Hybrid's tax credit. I don't have answers, but I do have questions and I am sure others do as well. I am also sure there are people out there that can point me the right direction to find the answers.   First off, Altima's tax credit for 2007 is $2,350.   My questions, how many Altima Hybrid have been produced thus far, and will be produced this year? Only the first 60,000 get the full credit.   What do you need to do to claim the credit? i.e. how do you know if you qualify for the whole credit? Will the dealer give you something certifying it?   Thanks!
#2 of 8 tax credits by langjie Jun 01, 2007 (7:54 am)
http://www.hybridcars.com/federal-incentives.html   This is a good site. Anyways, to answer your questions without you needing to dig through. You do not have to worry about Nissan selling 60,000 hybrids for at least 4+ years. I think the official number for last quarter was 3000 something. The incentive doesn't just go to the first 60,000 hybrids. After Nissan sells 60,000 hybrids, then at the end of that fiscal quarter, the tax credit will be halved. Nissan will probably make an announcement when they are about to reach that number...again not for awhile (even Honda isn't at 60,000 yet)   As for claiming... You just need to include it in your tax return. If you use Turbotax, it will ask you during the interview. If you go to a tax guy, then you just need to tell them. How much of the $2,350 you get? Well, that depends if you need to pay the AMT (alternative minimum tax). If you don't, you will probably get it all back. But if your AMT is only $2000 lower then your regular tax, then you can only claim $2000 and the tax credit does not get rolled over. If you are single and make over 40,000, then this will probably not affect you. If you are married, it still probably won't effect you. If you have kids and a mortgage, then you might need to worry. Replies to this message: bcp01scu05 (Jun 01, 2007 2:10 pm)
#3 of 8 Re: tax credits [langjie] by bcp01scu05 Jun 01, 2007 (2:10 pm)
Replying to: langjie (Jun 01, 2007 7:54 am) Just to add to this, whether or not you pay AMT depends primarily on the complexity of your tax return and where you live. If you just have wages/interest, etc, and take the standard deduction, the chances of AMT affecting you are very low. But if you, like langjie said, have kids, deduct mortgage interest or other paid taxes, it's worth calculating an estimated AMT to see how much of the credit you might "lose" to AMT. For what it's worth, I fall into the former category and found that my AMT was nowhere near my actual paid taxes, so I'm expecting to receive the full credit.   People in high-home-value, high-tax areas (many big cities like SF, LA, NYC, etc) are especially at risk.   /AMT not being indexed to inflation is the single biggest problem with the current tax code... there is no way this many Americans should have to calculate tax based upon two wholly separate taxation methodologies
#4 of 8 A piece of unsolicited advice by larsb Jun 01, 2007 (2:21 pm)
My advice to those who are curious and concerned about whether or not they will get the tax credit for an Altima hybrid:   Buy the car if you like it. Don't if you don't. Don't factor in the tax credit at all. The tax credit, if you get it, will be mere GRAVY because you will own a quality car that you like and which insulates you against future high gas prices. Replies to this message: pooch505 (Aug 14, 2009 9:13 am)
#5 of 8 larsb by langjie Jun 04, 2007 (7:03 am)
It would be so nice to think that way, but I had to factor in the tax credit. i don't really have much to fear about the AMT though because I'm right out of college, no mortgage, i don't make that much, not married.   i love the car though, but can't justify paying $2000 more over 5 years. I can swallow $1000, but $2000 is a lot
#6 of 8 does the tax credit potentially apply to a leased car? by 2009bc Aug 13, 2009 (9:47 am)
Replies to this message: topspeed (Aug 13, 2009 1:59 pm)
#7 of 8 Re: does the tax credit potentially apply to a leased car? [2009bc] by topspeed Aug 13, 2009 (1:59 pm)
Replying to: 2009bc (Aug 13, 2009 9:47 am) No. See the following excerpt from the IRS website.   Used and Leased Vehicles   A consumer that leases a hybrid vehicle is not eligible for the credit. The credit is allowed to the vehicle owner, including the lessor of a vehicle subject to a lease. That means that the lessor (the person who leases the vehicle to the consumer) is the person who can claim a credit for the vehicle.   A credit for a hybrid vehicle can only be claimed by the original purchaser of the vehicle, that is, the purchaser of a new vehicle. The credit does not apply to a used hybrid vehicle.
#8 of 8 Re: A piece of unsolicited advice [larsb] by pooch505 Aug 14, 2009 (9:13 am)
Replying to: larsb (Jun 01, 2007 2:21 pm) A lot of consumers aren't aware of the fact that once you get your 2350 rebate, you have to keep the car for at least 3 years. If you sell it before the 1st year you will have to pay back the complete 2350. If you sell it just after 1 year, you would have to pay back 2/3rds of your rebate. if you keep it just over 2 years, you would have to pay back 1/3rd of your rebate. This is called IRS Payback. I received 2299 for a rebate, and I'm not sure why. I purchased my Altima in June of 2008. I traded in another car. They worked off full retail of 33,500 on my trade, but I still did a good trade. I've had the Altima for 14 months and it has been flawless. I get 34 no matter how I drive it. I do intend to keep it for the 3 full years. Cheers! :

Messages Page 1 of 1 All Messages Displayed

Go To Msg # Search This Discussion

You are here: Forums Hybrid Vehicles Nissan Altima Hybrid Altima Hybrid Tax credit question and answer