Why I Got Rid of My New Prime

Discussion in 'Prime Main Forum (2017-Current)' started by James Luckett, Jan 10, 2020.

  1. CharlesH

    CharlesH CA HOV Decal #5 on former PiP

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    Whatever the $2504 federal tax thingy is, it is not disallowed if you are required to use AMT. Been there, done that, using a professional tax preparer. Twice (2012 PiP and 2017 Prime).
     
  2. Trollbait

    Trollbait It's a D&D thing

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    The disallowment might have been with the old hybrid tax credit.
     
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  3. Tim Jones

    Tim Jones Active Member

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    Great Post...Thanks!

    Nice post.....
     
    #83 Tim Jones, Jan 17, 2020
    Last edited by a moderator: Jan 17, 2020
  4. CharlesH

    CharlesH CA HOV Decal #5 on former PiP

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    Yes. As I recall, when we went through this with the PiP, there was confusion between the current credit, which is not subject to AMT, and an earlier hybrid tax credit, which was.
     
  5. Rieuk

    Rieuk Member

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    This is correct. They'll come after you for that state rebate. They do periodic checks to see if you still own the car and when they see it's not registered to you anymore they'll ask for it back.

    Happened to me.
     
  6. Mendel Leisk

    Mendel Leisk 'Orrible Oracle

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    Which seems fair. To collect a rebate and "flip" the car: not so good. How long do you need to keep the car to be able to keep the full rebate; has it been mentioned?

    Oh, if it can happen it will happen: people intentionally totaling their Prime??
     
  7. Rieuk

    Rieuk Member

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    Yep, 30 months. I got mine in Jan 2018 so I've got to keep mine another 6 months give or take and I'll be able to sell without relinquishing any of the rebate.

    I am surprised however that no such restriction exists on the federal rebate. I haven't looked into it but the OP seems to indicate that there isn't.
     
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  8. basic element

    basic element New Member

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    Treatment of Alternative Motor Vehicle Credit as a Personal Credit Allowed Against AMT (Section 1144)
    Starting in 2009, ARRA allowed the Alternative Motor Vehicle Credit, including the tax credit for purchasing hybrid vehicles, to be applied against the Alternative Minimum Tax. Prior to ARRA, the Alternative Motor Vehicle Credit could not be used to offset the AMT. This meant the credit could not be taken if a taxpayer owed AMT or was reduced for some taxpayers who did not owe AMT.
     
  9. Mendel Leisk

    Mendel Leisk 'Orrible Oracle

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    What does AMT stand for?
     
  10. basic element

    basic element New Member

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    alternative minimum tax
     
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  11. Rob43

    Rob43 Senior Member

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    Automatic Manual Transmission !


    Rob43
     
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  12. Mendel Leisk

    Mendel Leisk 'Orrible Oracle

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    Yeah I saw that, but I don't think so. Some sort of US tax factor?
     
  13. Gokhan

    Gokhan Active Member

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  14. CharlesH

    CharlesH CA HOV Decal #5 on former PiP

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    AMT was intended to make sure high-income filers paid something. But over the years, it was not adjusted for inflation, and ended up biting a lot of middle-class taxpayers.
     
  15. Tideland Prius

    Tideland Prius Moderator of the North
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    lol.. I thought we use SMG for that?
     
  16. Rob43

    Rob43 Senior Member

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    That was just my mediocre sense of humor at work. :)


    Rob43
     
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  17. The Big Sleaze

    The Big Sleaze Junior Member

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    I've heard in Home Improvement biz, that "Lifetime" means 7 years unless different in writing.
     
  18. Trollbait

    Trollbait It's a D&D thing

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    For cars, it is 100k to 150k miles.
     
  19. Mendel Leisk

    Mendel Leisk 'Orrible Oracle

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    Especially 3rd gen... :cautious:
     
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