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Tax On The Tax Credit?

Discussion in 'Fred's House of Pancakes' started by El Dobro, Mar 4, 2013.

  1. El Dobro

    El Dobro A Member

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    On another site, there's a TDI guy arguing with a Volt guy that you have to pay tax on the tax credit for the Volt. Huh?
     
    #1 El Dobro, Mar 4, 2013
  2. Adam Leibovitch

    Adam Leibovitch Member

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    I would disagree, but I think I know where he is going. If you have a 300k loan on your house, and get approved for a short sale by the bank for 200k, the feds view it as a 100k increase to your personal wealth, and you will be hit with a tax bill based on 100k. (this tax might still be on hold) But I don't think a tax credit on a car is treated the same way.

    I could be way off though :D
     
    #2 Adam Leibovitch, Mar 4, 2013
  3. El Dobro

    El Dobro A Member

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    I've asked him to explain.
     
    #3 El Dobro, Mar 4, 2013
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