Fed. tax credit on new Prius

Discussion in 'Gen III 2010+ Prius Main Forum' started by reesch, Feb 19, 2009.

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    reesch New Member

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    Thinking the Fed. Tax Credit on hybrids in general, Prius in particular is determined on an annual basis, not a cumulative total number sold.

    Can someone out there please clarify. Have an '05 Prius, want an '10, but may go with an '09 based on economics and expected high costs of '10.

    Thanks much
    Reesch
    reesch, Feb 19, 2009
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    qbee42 My other car is a boat

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    The Federal tax credit was limited by total units sold. Prius passed that mark long ago.

    Tom
    qbee42, Feb 19, 2009
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    fredthepostman New Member

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    I do believe there is a tax break for the sales tax. I have not read the details yet but it would seem to help a little.
    fredthepostman, Feb 19, 2009
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    NYPrius1 New Member

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    Yes it was for sales tax and any finance charges.
    Hope this helps
    NYPrius1, Feb 19, 2009
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    usbseawolf2000 HSD PhD

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    and it is tax deductible NOT tax credit.
    usbseawolf2000, Feb 19, 2009
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    ggood ggood

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    They dropped the deduction for interest. Just sales tax now.
    ggood, Feb 19, 2009
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    Patrick Wong DIY Enthusiast

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    If you want an interest deduction, you could fund the car by tapping your home equity line of credit (assuming that you have equity to tap).

    Regarding the sales tax deduction, you can choose between taking a deduction for state & local income taxes; or sales tax. Can't take both deductions.
    Patrick Wong, Feb 19, 2009
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