Tax break.

[Grotto]

Hello.

I am now looking at 2007 Prius'. I bought a 2006 last December. I got the tax break last year for buying an '06. Does anyone know whether or not the 2006 model qualifies for the tax break if I buy another one this year?

I am trying to decide if I should buy the '07...or just get another '06. Any help would be great!

[Grotto]

<div class='quotetop'>QUOTE(Grotto @ Sep 6 2006, 11:43 AM) [snapback]315231[/snapback]</div>

Hello.

I am now looking at 2007 Prius'. I bought a 2006 last December. I got the tax break last year for buying an '06. Does anyone know whether or not the 2006 model qualifies for the tax break if I buy another one this year?

I am trying to decide if I should buy the '07...or just get another '06. Any help would be great!
[/b]

Maybe a better way to put this would be...what constitutes a "new car purchase"?

[eagle33199]

the way i understand it, you can purchase as many as you want and try to take the credit on all of them (of course, this is assuming you don't hit AMT and you're paying enough in taxes to be able to take 6k off). note that you do have to keep the car for a certain length of time to get the full credit. The last i heard (as of a few weeks ago) the 2007 model hadn't yet been included in those that are eligible for the tax break.

[Soylent]

FYI the 2007 model does not qualify for any credits until Congress passes another credit for 2007.

[Grotto]

<div class='quotetop'>QUOTE(Soylent @ Sep 6 2006, 12:40 PM) [snapback]315273[/snapback]</div>

FYI the 2007 model does not qualify for any credits until Congress passes another credit for 2007.
[/b]

That is good to know. Last year, though...I got the 2006 in early December (05)...and still got the tax break for 2005. I wonder if I should wait until later in the year to get the '07.

[Charles Suitt]

<_< QUOTE: "FYI the 2007 model does not qualify for any credits until Congress passes another credit for 2007."

I thought the IRS Tax Credit was related to the purchase irrespective of the "year model." I.E.: Purchase of a NEW 2005 (first purchaser, never registered Prius - if indeed you could find one) would qualify for the $3,150 credit if purchased on or before September 30, 2006 - $1,575 credit from October 1, 2006 thru March 2007, etc. Seems a 2007 model would be elegible for the $1,575 if purchased before the end of March 2007.

Can one more familiar with the IRS Regulations provide a definitive answer?

[eagle33199]

Oh, something i miss read in your first post there. You got the deduction in 05 because you purchased in 05. Which means it doesn't qualify for the credit this year (you would have had to purchase it jan 1 or later). If congress gets around to it, the 2007 may qualify for the credit, or it may not. regardless, the credit is going to start being phased out at the end of this month - any Toyota hybrids purchased after this month will only get 1/2 the credit, and 3 months later 1/4 the credit. So if you want the full credit, go out and grab another 06 this month!

[Charles Suitt]

<_< Here's the IRS "WORD" ..... Seems the 2007 Prius aren't included yet but the 07 Camry is.

http://www.irs.gov/newsroom/article/...157557,00.html

[Grotto]

<div class='quotetop'>QUOTE(Charles Suitt @ Sep 6 2006, 01:03 PM) [snapback]315291[/snapback]</div>

<_< Here's the IRS "WORD" ..... Seems the 2007 Prius aren't included yet but the 07 Camry is.

http://www.irs.gov/newsroom/article/...157557,00.html
[/b]

Thanks for the info, guys. I am now thinking about just getting another 2006. Same car...newer car...and better tax benefit!

[4chi]

<div class='quotetop'>QUOTE(Soylent @ Sep 6 2006, 01:40 PM) [snapback]315273[/snapback]</div>

FYI the 2007 model does not qualify for any credits until Congress passes another credit for 2007.
[/b]

I don't think it has anything to do with Congress passing another credit. Anything to back up this statement?