Tax Credit X 2?

kissell · 07-16-2006, 07:21 PM

Does anyone know if I can get the tax credit for a hybrid if I buy two of them?
Already own the RX 400, also buying the Prius in the next week or two.

Can you get the credit twice?

Thanks.

mssmith95 · 07-16-2006, 07:28 PM

<div class='quotetop'>QUOTE(kissell @ Jul 16 2006, 04:21 PM) [snapback]287282[/snapback]</div>

Quote:

Does anyone know if I can get the tax credit for a hybrid if I buy two of them?
Already own the RX 400, also buying the Prius in the next week or two.

Can you get the credit twice?

Thanks.
[/b]

Yes, I believe that I read that you could since it is by vehicle not by individual.

tacomel · 07-17-2006, 08:49 AM

We bought two Prii and were told by an accountant that you do get two credits.

However, it is unlikely that you will be able to realize the full amount of two credits, either due to the credits being non-refundable (low to middle-income) or the AMT (middle-income or more).

We will miss out on about $1700 of the (2x$3150) credit due to AMT. This prompted us to make some decisions on taxable events that can be timed - e.g. when to pay property taxes. Your situation will vary but I do recommend that you try to get an idea in advance so you make the right decisions.

McShemp · 07-17-2006, 10:09 AM

<div class='quotetop'>QUOTE(Taco Mel @ Jul 17 2006, 07:49 AM) [snapback]287493[/snapback]</div>

Quote:

We bought two Prii and were told by an accountant that you do get two credits.

However, it is unlikely that you will be able to realize the full amount of two credits, either due to the credits being non-refundable (low to middle-income) or the AMT (middle-income or more).

We will miss out on about $1700 of the (2x$3150) credit due to AMT. This prompted us to make some decisions on taxable events that can be timed - e.g. when to pay property taxes. Your situation will vary but I do recommend that you try to get an idea in advance so you make the right decisions.
[/b]

Wasn't Congress going to make exceptions to the AMT for hybrid tax credits? No one will really know until the year ends, but I seem to remember hearing something about this.

lee · 07-17-2006, 12:58 PM

<div class='quotetop'>QUOTE(McShemp @ Jul 17 2006, 10:09 AM) [snapback]287514[/snapback]</div>

Quote:

Wasn't Congress going to make exceptions to the AMT for hybrid tax credits? No one will really know until the year ends, but I seem to remember hearing something about this.
[/b]

I had posted about that, but it looks like the legislation just extended the existing AMT breaks, and didn't add any more. Sorry.

07-17-2006, 08:49 AM	#3
tacomel Join Date: May 2006 Posts: 152 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	We bought two Prii and were told by an accountant that you do get two credits. However, it is unlikely that you will be able to realize the full amount of two credits, either due to the credits being non-refundable (low to middle-income) or the AMT (middle-income or more). We will miss out on about $1700 of the (2x$3150) credit due to AMT. This prompted us to make some decisions on taxable events that can be timed - e.g. when to pay property taxes. Your situation will vary but I do recommend that you try to get an idea in advance so you make the right decisions. __________________ His: 2006 #5, seaside pearl (Picture) Hers: 2006 #7, seaside pearl (Picture)

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07-16-2006, 07:21 PM	#1
kissell Join Date: Jul 2006 Posts: 4 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Does anyone know if I can get the tax credit for a hybrid if I buy two of them? Already own the RX 400, also buying the Prius in the next week or two. Can you get the credit twice? Thanks.