Hybrid tax credit

[Randall]

I'm looking all over for credit info on autos.  New 2015 Prius.  Hybrid gas/battery.  Has this been phased out?  Does it have to be a plug-in now to qualify for a credit?

 

 

 

[Elrod]

Two locations to try, Randall...Hope they help ya,

http://www.efile.com/tax-credit/hybrid-car-tax-credit/

https://www.irs.gov/uac/Summary-of-the-Credit-for-Qualified-Hybrid-Vehicles

[FDNY]

I believe it has to be a plug in hybrid or electric.   You could also check out Edmunds.com for an easy to read list of models and their credit. 

[Randall]

Thanks for info.  This was what I was seeing too.  Client doesn't have the plug-in.  So no credit available.  I think the salesmen are telling them they get a tax credit.

 

 

 

[Jack from Ohio]

1 hour ago, Randall said:

Thanks for info.  This was what I was seeing too.  Client doesn't have the plug-in.  So no credit available.  I think the salesmen are telling them they get a tax credit.

 

 

 

Ahhhh yes!!  The salesman tax professional...

[Catherine]

38 minutes ago, Jack from Ohio said:

Ahhhh yes!!  The salesman tax professional...

Always ask for the manufacturer's certification.  *Those* you can (pretty much) rely on.  "Pretty much" because the credits are limited and the manufacturer's certification means the cars qualifies, but not that any credits are left to claim.  But without that certification, it's just a sales pitch geared to making you pay more for the car (after all you're going to get that lovely credit, right?).

[Lee B]

The reason you need the manufacturer's certificate is that the number of each manufacturers model that qualifies for a potential credit 

is limited by a numerical cap that set by the government, so that people who buy a popular model near the end if the year will never get a credit. 

[FDNY]

The Tesla S may be the first ever to make that 200K vehicle quota so make sure you get to the showroom early.  I think they're around $150K, but think of all the gas you'll be saving, until you get the bill for the new battery, yes, they need to be replaced just like any other battery and they are expensive.   Really nice automobile.

[joanmcq]

The regular Prius credit expired long, long ago.  It was the first one to be depleted when hybrids had credits. 

[Randall]

On ‎4‎/‎28‎/‎2016 at 11:53 AM, Catherine said:

Always ask for the manufacturer's certification.  *Those* you can (pretty much) rely on.  "Pretty much" because the credits are limited and the manufacturer's certification means the cars qualifies, but not that any credits are left to claim.  But without that certification, it's just a sales pitch geared to making you pay more for the car (after all you're going to get that lovely credit, right?).

How long does it take the IRS to notify someone who took the credit and wasn't qualified?  I asked a friend who bought a Prius in 2014 if he had a plug-in.  He said no but his wife prepared their tax return and took the credit.  Uh oh.  I didn't do the return and had nothing to do with it.  I was wondering if they'll get a notice and owe the credit back.

[FDNY]

I did have a 2014 credit amount that was taken in error and taxpayer was notified in less than a year. 

[joanmcq]

The credit requires you to input the VIN for the car. They should be getting a notice anytime, depending on when they actually filed the return.