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not really a tax credit?

Discussion in 'Gen 2 Prius Main Forum' started by lgamber1, Sep 8, 2007.

  1. lgamber1

    lgamber1 New Member

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    one more question...we spent our morning haggling with one dealer and decided NOT to buy from them after they wouldn't come down to our price--we decided to go with toyota sunnyvale (i'm in san jose) after they gladly worked with us. the first dealer told us that we will actually probably not end up getting the 800 dollar tax credit even if we buy before sept. 30th because you have to make over $250,000 a year. he said that 95% of his customers did not even end up getting the original tax credit of over $2,000 last year b/c they ended up not qualifying.

    is there any validity to this at all??

    and thanks again for all the terrific info everyone has given! it has made my purchasing process a lot easier!
     
    #1 lgamber1, Sep 8, 2007
  2. efusco

    efusco Moderator Emeritus
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    There are other factors than just whether you make $250k or more. It's a complicated tax system, but you probably won't get the entire $780 unless you meet very specific criteria...thank you law makers and IRS.
     
    #2 efusco, Sep 8, 2007
  3. IsrAmeriPrius

    IsrAmeriPrius Progressive Member

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    <div class='quotetop'>QUOTE(lianimal @ Sep 8 2007, 05:17 PM) [snapback]509261[/snapback]</div>
    Yes, the tax credit may be nullified by the AMT (Alternative Minimum Tax). It has been extensively discussed in the Prius Tax Credit Discussion sub forum.
     
    #3 IsrAmeriPrius, Sep 8, 2007
  4. JimN

    JimN Let the games begin!

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    <div class='quotetop'>QUOTE(lianimal @ Sep 8 2007, 08:17 PM) [snapback]509261[/snapback]</div>
    The conclusion may be accurate but the reasoning is BS. The short version is: it depends mostly on the amount of your other misc. credits.
     
    #4 JimN, Sep 11, 2007
  5. JimN

    JimN Let the games begin!

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    <div class='quotetop'>QUOTE(lianimal @ Sep 8 2007, 08:17 PM) [snapback]509261[/snapback]</div>
    The conclusion may be accurate but the reasoning is BS. The short version is: it depends mostly on the amount of your other misc. credits.
     
    #5 JimN, Sep 11, 2007
  6. PriusDiver

    PriusDiver New Member

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    It all depends on your income and existing deductions/credits. I bought my '07 Prius from Toyota Sunnyvale, it was a OK experience. I've never had a great experience buying a new car, they make the process take so long. Talk to the sales person, sales manager, finance, organ recipients, blah blah.

    I spent less time on buying a house than I spent at the dealership to buy a new car. I went with them primarily for the discount I could get (unheard of during "full credit") and was able to get a car before December or January (bought September 26th). The other nice perk is I ended up with a car with higher emissions than it may have buying it in Oregon, since we haven't adopted the stricter rules yet.

    Good luck and enjoy.
     
    #6 PriusDiver, Sep 12, 2007
  7. PriusDiver

    PriusDiver New Member

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    It all depends on your income and existing deductions/credits. I bought my '07 Prius from Toyota Sunnyvale, it was a OK experience. I've never had a great experience buying a new car, they make the process take so long. Talk to the sales person, sales manager, finance, organ recipients, blah blah.

    I spent less time on buying a house than I spent at the dealership to buy a new car. I went with them primarily for the discount I could get (unheard of during "full credit") and was able to get a car before December or January (bought September 26th). The other nice perk is I ended up with a car with higher emissions than it may have buying it in Oregon, since we haven't adopted the stricter rules yet.

    Good luck and enjoy.
     
    #7 PriusDiver, Sep 12, 2007
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