Tax Write-Off

<div class='quotetop'>QUOTE(dulcimer @ Jul 6 2006, 04:56 PM) [snapback]282270[/snapback]</div>

you don't actually "apply" for anything. When you do your taxes at the end of the year, your accountant would do it for you. I don't know for sure how it will work, but most likely by VIN number.

Rumor has it that the full $3100 credit has just or is just about to run out, although, it does taper down to zero rather then just cutting off.

 

<div class='quotetop'>QUOTE(dulcimer @ Jul 6 2006, 07:56 PM) [snapback]282270[/snapback]</div>

I am in the process of purchasing a Prius as we speak..I was directed to the IRS website by Toyota..This is what is said right on the website...The Prius is allowed a $3150 tax credit... this would be phased out once the manufacturer has sold 60,000 units. As of end of May Toyota has sold approx 68,000 units. This means that the following quarter (July-September)would be the last quarter in which a buyer would get the full credit. the next quarter one half credit and the following quarter 1/4 credit. That is my understanding but feel free to go to the IRS website and read it for yourself. Wish me luck that my purchase goes smoothly...

 

<div class='quotetop'>QUOTE(ajs @ Jul 6 2006, 09:21 PM) [snapback]282308[/snapback]</div>

IRS form 8910.

 

<div class='quotetop'>QUOTE(dulcimer @ Jul 6 2006, 06:56 PM) [snapback]282270[/snapback]</div>

Since this tax credit is fixed whether you get package #1 or package #8, isn't it the better value to get the #1 package in terms of the percentage of money given back to you in relation to the cost of the car? Granted you don't get all the bells and whistles, buy you can theoretically get a prius hybrid for a little over 20k.

 

<div class='quotetop'>QUOTE(dulcimer @ Jul 6 2006, 06:56 PM) [snapback]282270[/snapback]</div>

Here is some light reading for you (or your accountant)

A list of all Federal and State incentives for prospective hybrid owners.

The Internal Revenue Service certification of Toyota Motor Sales U.S.A., Inc

 

http://www.mercurynews.com/mld/mercurynews...ve/14755573.htm

 

<div class='quotetop'>QUOTE(syclone @ Jul 6 2006, 08:22 PM) [snapback]282387[/snapback]</div>

Yup, what he said. The form looks like it will be updated for the year in the upper right corner, but it's the correct form, and has 2006 already filled in through most of it. According to the latest numbers (posted somewhere on the site), the credit for all Toyota's will start to get phased out Sept. 30. You get 100% of the $3150 for a Prius before that. Then I think it goes to 50% for 2 quarters, then 25% for 2 quarters, then gone forever (unless we get some brains in congress before that with a real energy policy).

<div class='quotetop'>QUOTE(burritos @ Jul 6 2006, 08:26 PM) [snapback]282389[/snapback]</div>

Yes, it's a better value, but all depends on what you need/want in the car. I would think that package 8's are easier to get since the bells and whistles are where the most profit is. So people who are looking now and trying to take delivery before Sept. may have to opt for something other than a package #1. For me, I wanted the bluetooth and the nav system, so didn't have alot of options. Remember that the package #1 also doesn't have VSC.

 

<div class='quotetop'>QUOTE(dulcimer @ Jul 8 2006, 08:02 PM) [snapback]283149[/snapback]</div>

The requirement is that you take delivery of the car by September 30th, not that you file your '06 taxes by September 30th.

 

<div class='quotetop'>QUOTE(burritos @ Jul 6 2006, 08:26 PM) [snapback]282389[/snapback]</div>

Whatever makes you happy, but to me that's an economically-flawed analysis. What counts is dollars, not percentages.

 

<div class='quotetop'>QUOTE(burritos @ Jul 6 2006, 08:26 PM) [snapback]282389[/snapback]</div>

Whatever makes you happy, but to me that's an economically-flawed analysis. What counts is dollars, not percentages.