I Dare You!!

top hat /
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Who has the balls to try this with a new Tomos.

IRS TAX TIP 2007-56

If you bought a hybrid vehicle in 2007, you may be entitled to a tax credit on your 2007 return. The credit is worth as much as $3,000 for the most fuel-efficient models. The precise amount depends on the make and model of the vehicle and when the vehicle was purchased.

The tax credit for hybrid vehicles, called the Alternative Motor Vehicle Credit, applies to vehicles purchased or placed in service on or after January 1, 2006.

Hybrid vehicles have drive trains powered by both an internal combustion engine and a rechargeable battery. Many currently available hybrid vehicles may qualify for the credit. Taxpayers may claim the credit on their 2007 tax returns only if they placed a qualified hybrid vehicle in service in 2007. As of March 2007, more than 40 different models of hybrids were/are eligible for the credit.

The credit is available only to the original purchaser of a new qualifying vehicle. If the qualifying vehicle is leased the credit is available only to the leasing company.

If 60,000 hybrid or advance lean burn technology vehicles of a particular manufacturer are sold, the tax credit is reduced and eventually eliminated. The full credit can be claimed up to the end of the third month after the quarter in which the manufacturer sells its 60,000th hybrid vehicle.

The credit for qualified Toyota and Lexus vehicles was eliminated for purchases on or after Oct. 1, 2007. The full credit for qualified Honda vehicles was available for all purchases in 2007, but has been reduced for purchases on or after Jan. 1, 2008.

To find out whether your car qualifies for the hybrid tax credit and the maximum amount of that credit, you can go to the IRS.gov website and search for "qualified hybrid vehicles."

Remember that for the genuine IRS Web site be sure to use .gov. Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is www.irs.gov.

This single post is part of a larger thread. Start from the top or view this post in context.
Subject Written By Posted
  I Dare You!!Topic by: top hat top hat 07/21/08 01:03PM
  Re: I Dare You!!Re: Troy Elizares Troy Elizares 07/21/08 01:44PM
  Re: I Dare You!!Re: Air Bud Air Bud 07/21/08 01:53PM
  Re: I Dare You!!Re: jack jack 07/21/08 01:54PM
  Re: I Dare You!!Re: jack jack 07/21/08 02:00PM
  Re: I Dare You!!Re: Air Bud Air Bud 07/21/08 02:06PM
  Re: I Dare You!!Re: jaker jaker 07/21/08 02:10PM

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