geggytah Posted August 28, 2009 Posted August 28, 2009 Excuse my ignorance, but I noticed that there is a $2350 tax credit that is given if you purchase a new hybrid vehicle. How would this affect my federal income taxes at year end? Would I actually be given the $2350? Or is it more based on giving me some of it but how much depends on the rest of my income/tax paid factors?
Fezmid Posted August 28, 2009 Posted August 28, 2009 I don't know the specifics -- but keep in mind that it doesn't apply to all hybrids. It was only applied to the first X number of hybrids of each model. I know all of the Honda and Toyota hybrids are no longer eligable.
geggytah Posted August 28, 2009 Author Posted August 28, 2009 I don't know the specifics -- but keep in mind that it doesn't apply to all hybrids. It was only applied to the first X number of hybrids of each model. I know all of the Honda and Toyota hybrids are no longer eligable. yeah i knew that...looking at an altima
Chef Jim Posted August 28, 2009 Posted August 28, 2009 A tax credit is deducted directly from the amount of taxes owed where a tax deduction is a reduction of your taxable income, big differenc. How it's working here is anyone's guess seeing it's a government program
Just Jack Posted August 29, 2009 Posted August 29, 2009 A tax credit is deducted directly from the amount of taxes owed where a tax deduction is a reduction of your taxable income, big differenc. How it's working here is anyone's guess seeing it's a government program They'll tell him sorry, he didn't buy the vehicle on a Tuesday at 3:15pm.
Corp000085 Posted August 29, 2009 Posted August 29, 2009 http://bexhuff.com/hybrid-or-hummer get a modern (model year 2007+) diesel 4 cylinder. Hybrids are an absolute waste of money. The only thing green about them is the money that they pad their execs with. Hybrid=marketing gimmick. You can take your $4000 tax credit and use it to buy a $3800 battery after 40,000 miles.
Arkady Renko Posted August 29, 2009 Posted August 29, 2009 I don't know the specifics -- but keep in mind that it doesn't apply to all hybrids. It was only applied to the first X number of hybrids of each model. I know all of the Honda and Toyota hybrids are no longer eligable. Ford is about to phase out as well.
Arkady Renko Posted August 29, 2009 Posted August 29, 2009 Also, keep in mind that you may have worse results during the winter with a hybrid: http://www.autoblog.com/2009/08/19/review-...e-60-degrees-m/
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