Last post on Jun 30, 2012 at 7:30 AM
You are in the Nissan Altima Hybrid
What is this discussion about?
Nissan Altima Hybrid, Hybrid Cars, Sedan
#12 of 39 Re: Nissan Altima Federal Income Tax Credit [langjie]
Oct 19, 2007 (9:09 am)
*also, the federal tax credit law clearly states you're not allowed to immediately sell the car after buying it
I don't see any clear indication. I think it's kind of vague - what kind of the time frame does immediate cover? - one week? - one month - a year?
I would think they mean someone who buys the hybrid and then resells it without registering it just to claim the credit. I would think as long as you register the hybrid you'll be considered the original owner and be able to claim the entire credit with no adjustment if you happen to sell it or total it in an accident.
Here's all could find on the IRS website about being eligible for the credit:
(1) The vehicle is placed in service by the taxpayer after December 31, 2005, and is purchased on or before December 31, 2010.
(2) The original use of the vehicle commences with the taxpayer.
(3) The vehicle is acquired for use or lease by the taxpayer, and not for resale.
(4) The vehicle is used predominantly in the United States.
No matter what the interpretation, unless you're audited there's probably no way the IRS will ever know how long you keep the car.
#13 of 39 Re: Nissan Altima Federal Income Tax Credit [saabgeorge]
Oct 19, 2007 (9:15 am)
Thanks for looking up the info. I'll take it to carmax and get it valued and if the loss is minimal then I will get rid of it and will probably never buy a nissan again. If not, I'll drive it for a year and then sell it privately.
#14 of 39 Re: Nissan Altima Federal Income Tax Credit [mazda6dude]
Oct 19, 2007 (11:38 am)
"Thanks for looking up the info. I'll take it to carmax and get it valued and if the loss is minimal then I will get rid of it and will probably never buy a nissan again. If not, I'll drive it for a year and then sell it privately."
Don't forget to check with the tax professional, or don't claim the credit.
I will quote a site I found:
"The new law for the hybrid tax credit requires taxpayers to recapture their hybrid tax credit if they re-sell their hybrid car or truck. Further details will be provided by the IRS when they issue regulations to interpret and implement this new tax law. For now, I would advise against selling, leasing, or giving hybrid cars away until we find out how long you have to keep the car."
Hybrid Tax Credits
#15 of 39 Re: Nissan Altima Federal Income Tax Credit [mazda6dude]
Oct 19, 2007 (11:55 am)
it hums, but there shouldn't be ringing sounds...maybe murmurs....
but the exception should be the lemon law. if you think you have a lemon, then perhaps you should go down this route.
#16 of 39 Re: Nissan Altima Federal Income Tax Credit [saabgeorge]
Oct 19, 2007 (12:18 pm)
ok, i guess it's not that clear. either i read that somewhere else or i misinterpreted the "not for resale"
#17 of 39 Re: Nissan Altima Federal Income Tax Credit [stevedebi]
Oct 21, 2007 (9:59 am)
I found this on the web
It seems to indicate you won't have to "recapture" unless under very limited conditions:
"I spent some time looking around for an answer and can't seem to come up with anything that says you'll have to pay back the tax credit you claimed in 2006.
Form 8910 instructions say: "If the vehicle no longer qualifies for the credit you may have to recapture part or all of the credit. For details see Section 30B(h)(8)."
That section says:
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).
Only purchasers of vehicles were allowed the credit, so the credit goes to the leasing company in the case of a leased vehicle. Under Section 30, that applied to electric vehicles, the credit would only have to be recaptured in certain limited circumstances: for example, if the car was modified so that it wasn't qualified anymore or if it was taken out of the country. Under that section, the regulations state that the credit would not have to be recaptured if the vehicle was sold or destroyed.
I can't see any reason that the regulations under hybrid vehicles would be substantially different than those that apply to electric vehicles."
#18 of 39 Re: Nissan Altima Federal Income Tax Credit [saabgeorge]
Oct 21, 2007 (2:03 pm)
Thanks for the info. I really have a serious problem on my hand. I spent all of Friday at my closest nissan dealership due to my hybrid pulling to the right. After 6 hours, they dealer said they got differect alignment specs from Nissan Corporate and everything was fine. Well, I got on the Freeway and nothing changed. I hope nissan can either, swap my car, give me money back or I have no choice but to trade it in and take a huge loss unless I can still claim the tax credit and minimize my loss. I have owned half a dozen cars and the nissan atlima hybrid is the most expensive car I have purchasd and yet it has give me the most problems ever of any car I have owned and it hasn't been a month.
#19 of 39 Re: Nissan Altima Federal Income Tax Credit [mazda6dude]
Oct 22, 2007 (11:48 am)
#20 of 39 What about state tax incentives???
Nov 15, 2007 (11:24 pm)
Is anyone up to date with current state/local incentives for hybrid vehicles sold in NY state? I've found several references to currently proposed bills, one for $4,000 tax credit, (A 4281). It seams every website has some other information.
This would be good place to start:
There's another forum on Edmunds regarding perks, but it's been quiet for many months. Can anyone share their findings?