When can I file for tax credit for vehicles purchased after tax day (April 15 - 2007)

blackprius2007 · 04-24-2007, 03:25 AM

Hi,

I bought my Prius on April 22, 2007 (EARTH DAY!!!). When can I file for the ($ 787.50) tax credit* with the IRS? Do I file for an amendment now or do I file it in 2008 when I file for taxes for year 2007?

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

cwerdna · 04-24-2007, 03:31 AM

You claim it on your taxes for the 2007 tax year. Why would it be an amendment? You didn't buy the car in the 2006 year.

If you want to save now, you could reduce your withholdings or reduce how much your estimated tax payments (if you pay them).

Marlin · 04-24-2007, 08:34 AM

To be specific, in April 2007, you paid taxes for the period of Jan 1st 2006 to December 31st 2006. If you bought your car this year, on or after Jan 1st 2007, then you can claim the credit in April 2008.

blackprius2007 · 04-24-2007, 03:25 PM

Quote:

You claim it on your taxes for the 2007 tax year. Why would it be an amendment? You didn't buy the car in the 2006 year.

If you want to save now, you could reduce your withholdings or reduce how much your estimated tax payments (if you pay them).
[/b]

<div class='quotetop'>QUOTE(Marlin @ Apr 24 2007, 07:34 AM) [snapback]428928[/snapback]</div>

Quote:

To be specific, in April 2007, you paid taxes for the period of Jan 1st 2006 to December 31st 2006. If you bought your car this year, on or after Jan 1st 2007, then you can claim the credit in April 2008.
[/b]

Thank you friends. I am no expert in tax matters. Yeah I also initially thought that I will have to wait till 2008 before I can claim the credit. Better to ask and get clarification than to miss on the tax credit.

JimN · 04-24-2007, 10:36 PM

<div class='quotetop'>QUOTE(GB Prius @ Apr 24 2007, 02:25 PM) [snapback]429186[/snapback]</div>

Quote:

Thank you friends. I am no expert in tax matters. Yeah I also initially thought that I will have to wait till 2008 before I can claim the credit. Better to ask and get clarification than to miss on the tax credit.
[/b]

Now would be a good time to estimate how much of the credit you qualify for. Take your 2006 tax software and input your expected 2007 income, deductions, and credits. As many have discovered, don't bank your credits before you file.

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04-24-2007, 03:25 AM	#1
blackprius2007 Join Date: Apr 2007 Posts: 14 My Car: Model: Package: Thanks: 0 Thanked 0 Times in 0 Posts Friends: 0	Hi, I bought my Prius on April 22, 2007 (EARTH DAY!!!). When can I file for the ($ 787.50) tax credit* with the IRS? Do I file for an amendment now or do I file it in 2008 when I file for taxes for year 2007? *Tax ref: http://www.irs.gov/newsroom/article/...157557,00.html

04-24-2007, 03:31 AM	#2
cwerdna Senior Member Join Date: Sep 2005 Location: Seattle area, WA Posts: 2,314 My Car: 2006 Prius Model: N/A Package: #7 Thanks: 28 Thanked 60 Times in 52 Posts Friends: 3	You claim it on your taxes for the 2007 tax year. Why would it be an amendment? You didn't buy the car in the 2006 year. If you want to save now, you could reduce your withholdings or reduce how much your estimated tax payments (if you pay them).

04-24-2007, 08:34 AM	#3
Marlin Senior Member Join Date: Jun 2005 Location: Bucks County, PA Posts: 1,408 My Car: 2005 Prius Model: Package: #6 Thanks: 0 Thanked 2 Times in 2 Posts Friends: 0	To be specific, in April 2007, you paid taxes for the period of Jan 1st 2006 to December 31st 2006. If you bought your car this year, on or after Jan 1st 2007, then you can claim the credit in April 2008.