Tax Credt on 08' model

janicekargul@comcast.net · 10-03-2007, 03:08 PM

Is there a new form with the federal government on the tax rebate for Prius purchased by the end of September on 08' models? I recently purchased a Prius #2 08' model and our dealer said the rebate was valid. I tried downloading a tax form and 08' models were not listed. Can anyone help with this issue? With IL government forms I can not find the correct form to fill out. I am only finding a form for the 07' models.

Janice

skguh · 10-03-2007, 03:27 PM

Here's a link to the IRS' stand on Hybrid Vehicle and Alternative Fuel incentives: Infernal Revenue Service Link
No, Prius 2008 model year is not there.

bowenj405 · 10-10-2007, 05:41 PM

We picked up our 2008 Prius September 28. My dealer assured me the vehicle would qualify for the Tax Credit that expired September 30.

Two weeks before we picked up the Prius I received an e-mail response from the IRS (I just found [again] the e-mail today). As of that day (September 13) they could not tell me when a possible review of the Hybrid Tax Credit would take place for a 2008 Toyota Prius - nor could they state if the amount of the credit would remain the same. They told me to continue to monitor the IRS website for updated information.

I e-mailed our Dealer last Tuesday for an update. He didn't have any updated information on the 2008 Model Tax Credit - but he said Toyota had made the request and was waiting for it to be approved by the IRS.

If I get more information I'll be sure to post it.

rwhoyle · 10-11-2007, 10:46 PM

<div class='quotetop'>QUOTE(Bowenj405 @ Oct 10 2007, 04:41 PM) [snapback]523846[/snapback]</div>

Quote:

We picked up our 2008 Prius September 28. My dealer assured me the vehicle would qualify for the Tax Credit that expired September 30.

Two weeks before we picked up the Prius I received an e-mail response from the IRS (I just found [again] the e-mail today). As of that day (September 13) they could not tell me when a possible review of the Hybrid Tax Credit would take place for a 2008 Toyota Prius - nor could they state if the amount of the credit would remain the same. They told me to continue to monitor the IRS website for updated information.

I e-mailed our Dealer last Tuesday for an update. He didn't have any updated information on the 2008 Model Tax Credit - but he said Toyota had made the request and was waiting for it to be approved by the IRS.

If I get more information I'll be sure to post it.
[/b]

Bowenj405,

Please do. I picked up my '08 Prii on Sept 27th and would appreciate your posting the IRS update when you receive it. I believe the tax credit will be for $787.50.

bowenj405 · 11-14-2007, 03:28 PM

According to the IRS Website the 2008 Toyota Prius (purchased before October 1) is eligible for the Tax Credit.

(http://www.irs.gov/newsroom/article/...175518,00.html)

2008 Hybrids Certified As Tax Credit For Toyota and Lexus Comes to an End

IR-2007-186, Nov. 8, 2007

WASHINGTON — The Internal Revenue Service acknowledged the certification by Toyota Motor Sales U.S.A., Inc., that several of its Model Year 2008 vehicles qualify for the hybrid vehicle tax credit. Only vehicles purchased prior to Oct. 1, 2007, qualify for a credit.

For purchases made April 1, 2007, through Sept. 30, 2007, the hybrid vehicle certifications recently acknowledged by the IRS and their credit amounts are:

* 2008 Toyota Prius Hybrid — $787.50
* 2008 Toyota Camry Hybrid —$650
* 2008 Toyota Highlander Hybrid 4WD — $650
* 2008 Lexus LS 600h L Hybrid — $450
* 2008 Lexus RX 400h 2WD and 4WD— $550

No credit is allowed for purchase of these vehicles after Sept. 30, 2007.

The credit amounts reflect a decrease in the credit beginning on Oct. 1, 2006, as a result of the manufacturer’s having sold 60,000 qualified hybrid motor vehicles.

amnon · 11-15-2007, 09:51 PM

So what do I need to do? Is there a form to get?
Also, what about Colorado tax credit?

drees · 11-28-2007, 03:30 AM

Quote:

Originally Posted by bowenj405

According to the IRS Website the 2008 Toyota Prius (purchased before October 1) is eligible for the Tax Credit.

Thanks for that, my dealer also assured me that the tax credit would be available for our 08 but I was worried as I didn't find the 08 listed on the IRS website until the reference you posted above.

cvstan · 12-02-2007, 09:11 PM

Tax credit on our '07 prius was useless. Amount was not what dealer claimed and when we went to use the credit, we get nothing. My wife works at a tax prep agency. I'm sure some people get it, but for us it was worthless and misleading.

N3FOL · 12-02-2007, 10:04 PM

I just wonder why tax credits for Toyota Hybrids had gone down?? I am counting on Toyota and hope that they can once again add the Prius bought after Oct. 1 in the list.

Uncle Sam, if you are listening...please...please...

BTW, this is my first post here.

CalvinL · 12-03-2007, 11:59 AM

From what I read, the original tax credit was pro-rated after a certain number of cars were sold. I have listed some websites I occassionally check for news on this below. This mostly regards tax & benefits within U.S.A.

From my own experience, I received the full tax credit of $3150 for my 2005 Prius which I bought back in January of 2005. Some of my friends received roughly half of that when they bought the 2007 model in 2006. (after much debate and test driving of my 2005 :P) Also look for other Toyota Rebates and company incentives. I think my cousin was supposed to receive something for her 2006 Prius from Boeing. I'll have to ask.

There were no additional forms except when you fill your standard 1040 federal income tax, there was/is a form about big ticket purchases like cars. I used Intuit's TurboTax which came up about purchasing a vehicle - when I said "yes" and put down the 2005 prius and the purchase date (save your receipts). Turbotax even calculated it and my actual refund was exactly as Turbotax predicted with my tax credit. It was great!

The car has so far proved invaluable as a commuter car. Drives and handles wonderfully. Insurance is okay at around $1100 a year for full coverage with State Farm. I get to ride in the HOV (High Occupancy Vehicle minumum 2 people) lane by myself. I get discounts at the tolls. And if NYC passes the congestion tax, it may even be slated for a discount (although I usually avoid driving in NYC during weekdays).

Summary: Do not limit your thinking to just a federal tax credit - Big Brother sometimes has other interests. Rebates help to some degree as well - although I have to admit, getting the "tax I paid back" plus a little to the car was a really great feeling. So do not forget to look for "vehicle purchase" on your 1040. Also look out for state/local tax incentives on hybrid cars as well. I hear Conneticut cut a special deal - reduced/no sales tax on "clean/hybrid" cars (see link)

http://www.fueleconomy.gov/feg/tax_hybrid.shtml - General questions on Fed Tax programs for Hybrid vehicles
http://www.carsdirect.com/toyota/prius/rebates - Rebates on Hybrid Vehicles.
http://www.cfenv.org/air/cars/Q_A.htm - Conneticut sales tax Q&A for Hybrid vehicles.
http://www.google.com/search?hl=en&q...+tax+incentive - Google search for some local tax incentive programs.
http://www.irs.gov/newsroom/article/...157557,00.html - The re-hashed IRS website.

Hope this helps!

-Calvin

12-02-2007, 10:04 PM	#9
N3FOL Senior Member Join Date: Dec 2007 Location: Stewartstown, PA. Posts: 762 My Car: 2008 Prius Package: #4 Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Tax Credit I just wonder why tax credits for Toyota Hybrids had gone down?? I am counting on Toyota and hope that they can once again add the Prius bought after Oct. 1 in the list. Uncle Sam, if you are listening...please...please... BTW, this is my first post here.

12-03-2007, 11:59 AM	#10
CalvinL Member Join Date: Oct 2006 Location: Long Island, New York Posts: 40 My Car: 2008 Prius Package: #2 Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Tax Credits (general) From what I read, the original tax credit was pro-rated after a certain number of cars were sold. I have listed some websites I occassionally check for news on this below. This mostly regards tax & benefits within U.S.A. From my own experience, I received the full tax credit of $3150 for my 2005 Prius which I bought back in January of 2005. Some of my friends received roughly half of that when they bought the 2007 model in 2006. (after much debate and test driving of my 2005 :P) Also look for other Toyota Rebates and company incentives. I think my cousin was supposed to receive something for her 2006 Prius from Boeing. I'll have to ask. There were no additional forms except when you fill your standard 1040 federal income tax, there was/is a form about big ticket purchases like cars. I used Intuit's TurboTax which came up about purchasing a vehicle - when I said "yes" and put down the 2005 prius and the purchase date (save your receipts). Turbotax even calculated it and my actual refund was exactly as Turbotax predicted with my tax credit. It was great! The car has so far proved invaluable as a commuter car. Drives and handles wonderfully. Insurance is okay at around $1100 a year for full coverage with State Farm. I get to ride in the HOV (High Occupancy Vehicle minumum 2 people) lane by myself. I get discounts at the tolls. And if NYC passes the congestion tax, it may even be slated for a discount (although I usually avoid driving in NYC during weekdays). Summary: Do not limit your thinking to just a federal tax credit - Big Brother sometimes has other interests. Rebates help to some degree as well - although I have to admit, getting the "tax I paid back" plus a little to the car was a really great feeling. So do not forget to look for "vehicle purchase" on your 1040. Also look out for state/local tax incentives on hybrid cars as well. I hear Conneticut cut a special deal - reduced/no sales tax on "clean/hybrid" cars (see link) http://www.fueleconomy.gov/feg/tax_hybrid.shtml - General questions on Fed Tax programs for Hybrid vehicles http://www.carsdirect.com/toyota/prius/rebates - Rebates on Hybrid Vehicles. http://www.cfenv.org/air/cars/Q_A.htm - Conneticut sales tax Q&A for Hybrid vehicles. http://www.google.com/search?hl=en&q...+tax+incentive - Google search for some local tax incentive programs. http://www.irs.gov/newsroom/article/...157557,00.html - The re-hashed IRS website. Hope this helps! -Calvin __________________ '08 Classic Silver - Option #02. '05 Seaside Blue - Option #02. Last edited by CalvinL; 12-03-2007 at 01:06 PM. Reason: A few links to help. & grammer

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10-03-2007, 03:08 PM	#1
janicekargul@comcast.net Join Date: Oct 2007 Posts: 1 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Is there a new form with the federal government on the tax rebate for Prius purchased by the end of September on 08' models? I recently purchased a Prius #2 08' model and our dealer said the rebate was valid. I tried downloading a tax form and 08' models were not listed. Can anyone help with this issue? With IL government forms I can not find the correct form to fill out. I am only finding a form for the 07' models. Janice

10-03-2007, 03:27 PM	#2
skguh Senior Member Join Date: Sep 2007 Location: Montgomery, Alabama Posts: 180 My Car: 2008 Prius Package: #6 Touring Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 1	Here's a link to the IRS' stand on Hybrid Vehicle and Alternative Fuel incentives: Infernal Revenue Service Link No, Prius 2008 model year is not there.

10-10-2007, 05:41 PM	#3
bowenj405 Join Date: Sep 2007 Posts: 12 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	We picked up our 2008 Prius September 28. My dealer assured me the vehicle would qualify for the Tax Credit that expired September 30. Two weeks before we picked up the Prius I received an e-mail response from the IRS (I just found [again] the e-mail today). As of that day (September 13) they could not tell me when a possible review of the Hybrid Tax Credit would take place for a 2008 Toyota Prius - nor could they state if the amount of the credit would remain the same. They told me to continue to monitor the IRS website for updated information. I e-mailed our Dealer last Tuesday for an update. He didn't have any updated information on the 2008 Model Tax Credit - but he said Toyota had made the request and was waiting for it to be approved by the IRS. If I get more information I'll be sure to post it.

11-14-2007, 03:28 PM	#5
bowenj405 Join Date: Sep 2007 Posts: 12 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	According to the IRS Website the 2008 Toyota Prius (purchased before October 1) is eligible for the Tax Credit. (http://www.irs.gov/newsroom/article/...175518,00.html) 2008 Hybrids Certified As Tax Credit For Toyota and Lexus Comes to an End IR-2007-186, Nov. 8, 2007 WASHINGTON — The Internal Revenue Service acknowledged the certification by Toyota Motor Sales U.S.A., Inc., that several of its Model Year 2008 vehicles qualify for the hybrid vehicle tax credit. Only vehicles purchased prior to Oct. 1, 2007, qualify for a credit. For purchases made April 1, 2007, through Sept. 30, 2007, the hybrid vehicle certifications recently acknowledged by the IRS and their credit amounts are: * 2008 Toyota Prius Hybrid — $787.50 * 2008 Toyota Camry Hybrid —$650 * 2008 Toyota Highlander Hybrid 4WD — $650 * 2008 Lexus LS 600h L Hybrid — $450 * 2008 Lexus RX 400h 2WD and 4WD— $550 No credit is allowed for purchase of these vehicles after Sept. 30, 2007. The credit amounts reflect a decrease in the credit beginning on Oct. 1, 2006, as a result of the manufacturer’s having sold 60,000 qualified hybrid motor vehicles.

11-15-2007, 09:51 PM	#6
amnon Join Date: Oct 2007 Posts: 14 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	So what do I need to do? Is there a form to get? Also, what about Colorado tax credit?

12-02-2007, 09:11 PM	#8
cvstan Junior Member Join Date: Nov 2006 Posts: 16 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Tax credit on our '07 prius was useless. Amount was not what dealer claimed and when we went to use the credit, we get nothing. My wife works at a tax prep agency. I'm sure some people get it, but for us it was worthless and misleading.