The Federal Tax Credits Blog

Posts Tagged ‘2010 hybrid tax credit prius’

Question: Can I get tax credit for Hybrid car bought in 2007?

I bought a 2007 Toyota Prius in mid Oct 2007. I had not claimed for the tax credit and I had only filed with standard deductions(not itemized). I believe the tax credit was for about $1500. Can I claim this now and if so do I have to re-file with itemized deductions?

Thanks in advance.
Correction: I bought a 2007 Toyota Prius in mid Oct 2006. I had not claimed for the tax credit and I had only filed with standard deductions(not itemized). I believe the tax credit was for about $1500. Can I claim this now and if so do I have to re-file with itemized deductions?

Thanks in advance
More info from IRS

http://www.irs.gov/newsroom/article/0,,id=163103,00.html

Answer: The toyota prius credit expired 9/30/2007. Cars bought in October were out of luck.

There is nothing left for you to claim.

Kicking gas

Kingfield company is the first in the state and among a handful nationwide focused on plug-in conversions for hybrid cars. About five years ago, Shayna Berkowitz made a commitment to never again buy a vehicle powered by an internal combustion engine.

PRIME TIME FOR RAV4 & PRIUS BUYERS AT BILL PENNEY TOYOTA!

Question: Hybrid tax credit?

How do i get the 2007 Prius tax credit?
I bought two prius one in Feb and the other one in March 2007. I am currently out of the US and i’ll have to do it myself, can you please help me with what forms do i need and what needs to be attached to it. I’ve read several different things online, but nothing concrete and for 2007. If you’ve done it can you please let me know all the details? In case i decide not to ask for that tax credit this year can i do it next year?Thanks

Answer: http://www.toyota.com/prius-hybrid/faq-tax.html

http://www.irs.gov/newsroom/article/0,,id=157557,00.html

http://www.irs.gov/newsroom/article/0,,id=157632,00.html

http://www.fueleconomy.gov/feg/tax_hybrid.shtml

The vehicles have to have been purchased (or financed) new, and not used or previously owned. They cannot be leased (the leasing company is the owner so they get the credit, not you). Also, they have to be predominantly used in the US.

The amount of the available credit for the Toyota Prius depends on the date of purchase. (The hybrid vehicle income tax credits had a sunset/phaseout provision, based on the date after the calendar quarter that a manufacturer sells 60,000 hybrids since the start of the credit (Jan. 1, 2006).) For a Prius bought between 10-1-06 and 3-31-07 like yours, the available credit is $1575 for each Prius purchased. However, the amount can be reduced if you are hit with AMT…

there is a letter-writing campaign to remove the sunset/phaseout provision on the hybrid vehicle tax credit: http://ucsaction.org/campaign/02_01_hybrid_tax_credit

If you are an individual claiming the credit, you will need to fill out IRS Form 8910 Alternative Motor Vehicle Credit: http://www.irs.gov/pub/irs-pdf/f8910.pdf (You will also have to do an AMT calculation as well, which means that you’ll also have to file Form 6251 Alternative Minimum Tax — Individuals, http://www.irs.gov/pub/irs-pdf/f6251.pdf , and that may reduce or even eliminate this credit on you…) This will then go on your Form 1040.

If for a business, you will need IRS Form 3800, General Business
Credit: http://www.irs.gov/pub/irs-pdf/f3800.pdf

You can only take the credit in the tax (calendar) year that you purchase the new hybrid, so if purchased in 2007 you can only file it on your 2007 taxes. You cannot roll the credit over to another year. You could always file a 2007 1040X amended return later, buy why file twice for the same year if you don’t have to?

Your individual state may also offer state tax credits or deductions as
well, so you should also check in with your individual state.

http://www.eere.energy.gov/afdc/progs/tech_matrx.php

http://go.ucsusa.org/hybridcenter/incentives.cfm

Some more links can be found here:

http://autos.groups.yahoo.com/group/toyota-prius/links/Financial_000963256550

(and note that I am not a tax professional, so if you have further questions I suggest that you consult with one!)

Hang up and drive, or else face a fat ticket

A new state law means that on Jan. 1, people who want to drive, dial and talk must use a hands-free accessory

Hybrid Tax Credit