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Tax Credit X 2?

Discussion in 'Gen 2 Prius Main Forum' started by kissell, Jul 16, 2006.

  1. kissell

    kissell New Member

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    Does anyone know if I can get the tax credit for a hybrid if I buy two of them?
    Already own the RX 400, also buying the Prius in the next week or two.

    Can you get the credit twice?

    Thanks.
     
    #1 kissell, Jul 16, 2006
  2. mssmith95

    mssmith95 Michael

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    <div class='quotetop'>QUOTE(kissell @ Jul 16 2006, 04:21 PM) [snapback]287282[/snapback]</div>
    Yes, I believe that I read that you could since it is by vehicle not by individual.
     
    #2 mssmith95, Jul 16, 2006
  3. tacomel

    tacomel New Member

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    We bought two Prii and were told by an accountant that you do get two credits.

    However, it is unlikely that you will be able to realize the full amount of two credits, either due to the credits being non-refundable (low to middle-income) or the AMT (middle-income or more).

    We will miss out on about $1700 of the (2x$3150) credit due to AMT. This prompted us to make some decisions on taxable events that can be timed - e.g. when to pay property taxes. Your situation will vary but I do recommend that you try to get an idea in advance so you make the right decisions.
     
    #3 tacomel, Jul 17, 2006
  4. McShemp

    McShemp New Member

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    <div class='quotetop'>QUOTE(Taco Mel @ Jul 17 2006, 07:49 AM) [snapback]287493[/snapback]</div>
    Wasn't Congress going to make exceptions to the AMT for hybrid tax credits? No one will really know until the year ends, but I seem to remember hearing something about this.
     
    #4 McShemp, Jul 17, 2006
  5. lee

    lee New Member

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    <div class='quotetop'>QUOTE(McShemp @ Jul 17 2006, 10:09 AM) [snapback]287514[/snapback]</div>
    I had posted about that, but it looks like the legislation just extended the existing AMT breaks, and didn't add any more. Sorry.
     
    #5 lee, Jul 17, 2006
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