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Author: ottnee One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121174  
Subject: Need a Tax Credit Expert Date: 3/3/2008 7:30 PM
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I bought a new 2008 Toyota Prius; signed the papers September 28th 2007. Picked it up and got it licensed on October 2nd, which is the date on the State record now. The IRS rules say the cut off date is September 30th for the tax credit. Which date do I go by? I'm not sure if the 2008 models qualify either. Do I qualify for a $788 Hybrid Tax Credit? I didn't think so after reading the qualifications published by the IRS but filling in the questions from Turbo Tax, I qualify and am getting back the $788. I did enter the purchase date as 9/28/2007.
What do you think?

Thanks,
Scott
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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99195 of 121174
Subject: Re: Need a Tax Credit Expert Date: 3/3/2008 8:24 PM
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What papers did you sign on 9/28? Why the delay between signing papers and picking up the car?

Yes, the 2008 Prius qualifies. So that's not a problem.

<general rant mode on - feel free to ignore this part, as it's not really germane to your issues>
And why get yourself in this position at all? It was known for over a year before your general purchase date that the credit for Toyotas was going away on Sept 30. It would have been fairly simple to make sure the i's were dotted and the t's crossed before that date so there would be no questions.


BTW - Hondas are now in the sunset period for the credit. The critical dates for Honda (and Acura) are June 30, 2008 and Dec 31, 2008. The credit changes significantly on those dates.

--Peter

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Author: ottnee One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99222 of 121174
Subject: Re: Need a Tax Credit Expert Date: 3/4/2008 6:27 PM
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The 9/28 paper is the Motor Vehicle Purchase Contract. The car wasn't ready to be picked up until 10/02 and is when the Title and License Application for the State is filled out.

The reason we got into this position is our color wasn't on the lot but would be by the end of September. The salesman said they could purchase today and back-date the dates so there would be no question whether it was done in time. So we bought on 9/28 but on pick up day, 10/2 the accountant for the dealership said can't do that.

Thanks for the remarks!

Scott

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