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Tax break for more than one Prius?

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  • jordisruhl
    Does anyone know if we can apply the $2000 federal tax break twice if we purchase a second Prius in this calendar year? Thanks.
    Message 1 of 9 , Oct 27, 2004
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      Does anyone know if we can apply the $2000 federal tax break twice if we purchase a
      second Prius in this calendar year? Thanks.
    • bobjbkln
      YES. (This tax deduction is meant to apply to corporate fleets as well as individual owners. Buy 50 Priuses and you will get a $100,000 deduction). -- Peace,
      Message 2 of 9 , Oct 27, 2004
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        YES. (This tax deduction is meant to apply to corporate fleets as
        well as individual owners. Buy 50 Priuses and you will get a
        $100,000 deduction).
        --
        Peace,
        bobj


        --- In toyota-prius@yahoogroups.com, "jordisruhl" <jordisruhl@y...>
        wrote:
        >
        > Does anyone know if we can apply the $2000 federal tax break
        twice if we purchase a
        > second Prius in this calendar year? Thanks.
      • Rick
        We ve had our Prius since Dec. of last year and we took the deduction for last year s taxes. This year we also bought a Honda Civic hybrid (my wife didn t
        Message 3 of 9 , Oct 27, 2004
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          We've had our Prius since Dec. of last year and we took the deduction
          for last year's taxes. This year we also bought a Honda Civic hybrid
          (my wife didn't want to wait 6 mos for another Prius). Is the rebate
          for all hybrids or just Prius? - Rick


          --- In toyota-prius@yahoogroups.com, "bobjbkln" <bobjbkln@h...> wrote:
          >
          > YES. (This tax deduction is meant to apply to corporate fleets as
          > well as individual owners. Buy 50 Priuses and you will get a
          > $100,000 deduction).
          > --
          > Peace,
          > bobj
          >
          >
          > --- In toyota-prius@yahoogroups.com, "jordisruhl" <jordisruhl@y...>
          > wrote:
          > >
          > > Does anyone know if we can apply the $2000 federal tax break
          > twice if we purchase a
          > > second Prius in this calendar year? Thanks.
        • Michelle Vadeboncoeur
          ... Currently covered hybrid vehicles are the 2001-2005 Toyota Prius, the 2000-2004 Honda Insight, and the 2003-2004 Honda Civic Hybrid. I think that the 2005
          Message 4 of 9 , Oct 27, 2004
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            --- In toyota-prius@yahoogroups.com, "Rick" <raguero255@y...> wrote:
            >
            > We've had our Prius since Dec. of last year and we took the deduction
            > for last year's taxes. This year we also bought a Honda Civic hybrid
            > (my wife didn't want to wait 6 mos for another Prius). Is the rebate
            > for all hybrids or just Prius? - Rick

            Currently covered hybrid vehicles are the 2001-2005 Toyota Prius, the
            2000-2004 Honda Insight, and the 2003-2004 Honda Civic Hybrid. I
            think
            that the 2005 Hondas may also be covered, as well as the 2005 Ford
            Escape Hybrid now on the market, (just waiting for IRS approval).

            some sites for more info:
            http://www.toyota.com/vehicles/2005/prius/tax.html
            http://www.fordvehicles.com/escapehybrid/faqs/index.asp#faq18
            http://automobiles.honda.com/info/clean_fuel_tax_info.asp?ModelName=Civic+Hybrid
            http://automobiles.honda.com/info/clean_fuel_tax_info.asp?ModelName=Insight

            http://www.irs.gov/newsroom/article/0,,id=130146,00.html
            http://www.irs.gov/newsroom/article/0,,id=104549,00.html
          • bobjbkln
            Just so there is no misunderstanding, it is not a rebate or a tax credit . It is a tax deduction which reduces by $2000 per qualified vehicle purchased the
            Message 5 of 9 , Oct 28, 2004
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              Just so there is no misunderstanding, it is not a "rebate" or a "tax
              credit". It is a tax deduction which reduces by $2000 per qualified
              vehicle purchased the income that your tax is based on.
              --
              Peace,
              bobj


              --- In toyota-prius@yahoogroups.com, "Michelle Vadeboncoeur"
              <mrv@k...> wrote:
              >
              > --- In toyota-prius@yahoogroups.com, "Rick" <raguero255@y...>
              wrote:
              > >
              > > We've had our Prius since Dec. of last year and we took the
              deduction
              > > for last year's taxes. This year we also bought a Honda Civic
              hybrid
              > > (my wife didn't want to wait 6 mos for another Prius). Is the
              rebate
              > > for all hybrids or just Prius? - Rick
              >
              > Currently covered hybrid vehicles are the 2001-2005 Toyota Prius,
              the
              > 2000-2004 Honda Insight, and the 2003-2004 Honda Civic Hybrid. I
              > think
              > that the 2005 Hondas may also be covered, as well as the 2005 Ford
              > Escape Hybrid now on the market, (just waiting for IRS approval).
              >
              > some sites for more info:
              > http://www.toyota.com/vehicles/2005/prius/tax.html
              > http://www.fordvehicles.com/escapehybrid/faqs/index.asp#faq18
              > http://automobiles.honda.com/info/clean_fuel_tax_info.asp?
              ModelName=Civic+Hybrid
              > http://automobiles.honda.com/info/clean_fuel_tax_info.asp?
              ModelName=Insight
              >
              > http://www.irs.gov/newsroom/article/0,,id=130146,00.html
              > http://www.irs.gov/newsroom/article/0,,id=104549,00.html
            • davidggmdx
              Yes, I agree. For example, if you are in the 15% tax bracket and you buy a Prius this year, you would save $2000 X 0.15 = $600. ... a tax ... qualified ...
              Message 6 of 9 , Oct 30, 2004
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                Yes, I agree. For example, if you are in the 15% tax bracket and
                you buy a Prius this year, you would save $2000 X 0.15 = $600.

                --- In toyota-prius@yahoogroups.com, "bobjbkln" <bobjbkln@h...>
                wrote:
                >
                > Just so there is no misunderstanding, it is not a "rebate" or
                a "tax
                > credit". It is a tax deduction which reduces by $2000 per
                qualified
                > vehicle purchased the income that your tax is based on.
                > --
                > Peace,
                > bobj
                >
                >
                > --- In toyota-prius@yahoogroups.com, "Michelle Vadeboncoeur"
                > <mrv@k...> wrote:
                > >
                > > --- In toyota-prius@yahoogroups.com, "Rick" <raguero255@y...>
                > wrote:
                > > >
                > > > We've had our Prius since Dec. of last year and we took the
                > deduction
                > > > for last year's taxes. This year we also bought a Honda Civic
                > hybrid
                > > > (my wife didn't want to wait 6 mos for another Prius). Is the
                > rebate
                > > > for all hybrids or just Prius? - Rick
                > >
                > > Currently covered hybrid vehicles are the 2001-2005 Toyota
                Prius,
                > the
                > > 2000-2004 Honda Insight, and the 2003-2004 Honda Civic Hybrid. I
                > > think
                > > that the 2005 Hondas may also be covered, as well as the 2005
                Ford
                > > Escape Hybrid now on the market, (just waiting for IRS approval).
                > >
                > > some sites for more info:
                > > http://www.toyota.com/vehicles/2005/prius/tax.html
                > > http://www.fordvehicles.com/escapehybrid/faqs/index.asp#faq18
                > > http://automobiles.honda.com/info/clean_fuel_tax_info.asp?
                > ModelName=Civic+Hybrid
                > > http://automobiles.honda.com/info/clean_fuel_tax_info.asp?
                > ModelName=Insight
                > >
                > > http://www.irs.gov/newsroom/article/0,,id=130146,00.html
                > > http://www.irs.gov/newsroom/article/0,,id=104549,00.html
              • Cpt.Denny
                Me thinks your math is wrong. $2000 X 15% = $300. Your $600 figure would be correct for the 30% tax bracket. ... Dennis Port St. Lucie, FL. USA. Burgman AN650
                Message 7 of 9 , Oct 30, 2004
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                  Me thinks your math is wrong. $2000 X 15% = $300.
                  Your $600 figure would be correct for the 30% tax bracket.


                  >>Yes, I agree. For example, if you are in the 15% tax bracket and
                  >>you buy a Prius this year, you would save $2000 X 0.15 = $600.

                  Dennis
                  Port St. Lucie, FL. USA.
                  Burgman AN650
                  Life time average 52 MPG @ $7800 MSRP
                  0 to 60 MPH under 7 seconds, top speed 120 MPH

                  [Non-text portions of this message have been removed]
                • Michelle Vadeboncoeur
                  ... there is a nice chart stating how much the deduction is worth to you, based on your tax bracket. It was written earlier in the year, before the deduction
                  Message 8 of 9 , Oct 30, 2004
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                    --- In toyota-prius@yahoogroups.com, "Cpt.Denny" <petrinic@a...> wrote:
                    >
                    > Me thinks your math is wrong. $2000 X 15% = $300.
                    > Your $600 figure would be correct for the 30% tax bracket.

                    there is a nice chart stating how much the deduction is worth to you,
                    based on your tax bracket. It was written earlier in the year, before
                    the deduction for 2004 and 2005 was raised back to the 2003 level of
                    $2000.

                    http://www.usatoday.com/money/perfi/columnist/block/2004-01-13-ym_x.htm
                  • davidggmdx
                    Oops, I m embarassed by my math. And can you believe I have a doctorate?
                    Message 9 of 9 , Oct 31, 2004
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                      Oops, I'm embarassed by my math. And can you believe I have a
                      doctorate?

                      --- In toyota-prius@yahoogroups.com, "Cpt.Denny" <petrinic@a...>
                      wrote:
                      >
                      > Me thinks your math is wrong. $2000 X 15% = $300.
                      > Your $600 figure would be correct for the 30% tax bracket.
                      >
                      >
                      > >>Yes, I agree. For example, if you are in the 15% tax bracket and
                      > >>you buy a Prius this year, you would save $2000 X 0.15 = $600.
                      >
                      > Dennis
                      > Port St. Lucie, FL. USA.
                      > Burgman AN650
                      > Life time average 52 MPG @ $7800 MSRP
                      > 0 to 60 MPH under 7 seconds, top speed 120 MPH
                      >
                      > [Non-text portions of this message have been removed]
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