Tax question...

[Over_Easy]

Has anyone ever applied for a credit on their taxes?  

The IRS has an Alternative Motor Vehicle Credit this year for purchases after 12-31-2005.  Anyone tried claiming this?

Alternative Fuel Vehicle Credit

Eligibility requirements:

- You must purchase the vehicle after 2005.

- You must use the vehicle primarily in the United States.

- You must be the original owner of the vehicle. Used vehicles do not qualify.

- You may take this credit even if you used the vehicle for business.

To claim this credit, refer to your original purchase records for the vehicle. These records should show the purchase date, year, make, and model of the vehicle, and whether it was new or used. You do not need to submit the purchase records with your tax return.
The amount of the credit depends on the specific model and is based on the vehicle's fuel efficiency.

 

[Wag]

If this is the code I'm thinking about, only certain vehicles qualify. Have a care and double check to be sure your vehicle, bike or car, is on the list.

--Wag--

 

[Professor]

"Alternative Fuel Vehicle Credit"

Key words underlined and in bold.

I'm betting Hybrids.

 

[heavybusa]

Yeah, I thought this was for flex fuel and hybrid cars.

 

[Wag]

I don't think hybrids qualify. 100% Electric, hydrogen or natural gas, I believe, are all that qualify.

--Wag--

 

[Professor]

(Wag @ Mar. 09 2007,21:51) I don't think hybrids qualify.  100% Electric, hydrogen or natural gas, I believe, are all that qualify.

--Wag--

It looks like Hybrids, 100% electric, and Alternative fuel vehicles have now been divided up. Here are some details.

Link

 

[Wag]

I was just about to suggest that hybrids will have their own designation.

Good on ya!

--Wag--

 

[heavybusa]

good info

 

[NCBusa2001]

So, based on my understanding, flex fuel vehicles don't count right??

Chris