Just wondering if I will be able to get the credit on my 2007 taxes..having bought the 2005 Honda Accord (used) Hybrid. How does that if at all work?
Thanks
2007-07-14 09:30:36 · 4 answers · asked by Shauno 2 in Business & Finance ➔ Taxes ➔ United States
No, sorry, you have to buy it new from an authorized dealer to get the credit. The dealer would give the buyer a certificate with instructions on how to file for the credit with the buyer's tax return.
2007-07-14 10:38:44 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
According to the IRS Summary of the Credit for Qualified Hybrid Vehicles, "The credit may only be claimed by the original owner of a new, qualifying, hybrid vehicle and does not apply to a used hybrid vehicle."
2007-07-14 09:34:55 · answer #2 · answered by penpallermel 6 · 0⤊ 0⤋
The same as the credit amount for 2006 only you will get it when you file your 2007 tax return. The credit amount is not adjusted for inflation. It is a set dollar amount as set by the IRS. Since Honda has not met the 50,000 units sold mark like Toyota has, the credit has not begun being phased out. The date you purchased the vehicle is important when the manufacturer meets the phase out levels.
2016-05-17 21:29:06 · answer #3 · answered by ? 3 · 0⤊ 0⤋
No, you don't qualify. It has to be new, and you have to be the original owner to take the credit.
2007-07-14 09:36:14 · answer #4 · answered by tushanna_m 4 · 0⤊ 0⤋