Federal $4502 tax credit - what is consider resale?

Don't have an answer, but interesting question.

 

"If I sell it after use it for a few months, is it a resale?" No. You are selling a used car.

You would have to buy the car, not title it, then sell it as a new car.

#3 is what prevents the dealer from claiming the tax credit when buying the car from Toyota.

 

Great!. Then if I trade-in my Prime Premium (purchased in 2017 and already tax credit of $4502 collected), and buy a new Prime Plus (2017 model now with $4500 cash back) in year 2018, can I claim another $4502 credit for the new purchase on 2018 income tax return (provided of course the law does not change for 2018 tax yea)?

 

Isn't there a minimum amount of time that you need to keep the car, or am I thinking of past hybrid tax incentives?

 

I believe 30 months of ownership required or you have to pay back the IRS.


iPad ?

 

I do not recall any time limit for the Federal Tax Credit. First owner takes the credit.

 

There’s no time limit on ownership for the Federal Tax Credit, whatever State credit you my get, rules vary. The Federal rule is the vehicle credit cannot be claimed if the vehicle IS PURCHASED for RESALE. That is, car dealers cannot claim the credit. Additionally, how could the government prove your intent when you bought the car? Unless of course you did it multiple times and even then it’s circumstantial. With all that said, do you really to get on the wrong side of the IRS?

 

I'm guessing that you want to switch from Premium to Plus because of the MFD?

 

Yap, I don't like 11.6 inch touch screen control and softex seat. I will miss 3 way sks though.

 

I think that the determining factor is who first who first registered a title for it with the state; they get the federal tax credit. For example, for leases, this is the leasing company.