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IRS Certifies New Prius For $2000 Tax Deduction

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hatrack Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-07-03 09:40 AM
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IRS Certifies New Prius For $2000 Tax Deduction
"The Internal Revenue Service has certified the 2004 Toyota Prius as being eligible for the clean-burning fuel deduction. The certification means taxpayers who purchase a new hybrid may claim a tax deduction of up to $2,000 on Form 1040

EDIT

Under the law, the one-time deduction must be taken in the year the vehicle was originally used. The taxpayer must be the original owner Individuals take this benefit as an adjustment to income on their Form 1040. They do not have to itemize deductions on their tax returns to claim it. To claim the deduction, write 'clean fuel' on Line 33 of the 2003 Form 1040. Also, see the Instructions for Form 1040."

Accounting Web
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Bamboo Donating Member (258 posts) Send PM | Profile | Ignore Wed Oct-08-03 07:27 AM
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1. Pet the nice tiger,Arianna.
Edited on Wed Oct-08-03 07:43 AM by Bamboo
It is a reduction in taxable income not a credit which benefits those in higher brackets.I have a 2002 Prius and got deduction but I see more Hummers on the road than Prius.Oregon charges more for hybrid vehicle registration to offset loss in gasoline taxes. http://www.odot.state.or.us/dmv/Vehicles/veh_fees.htm Huffington provided Gov.Arnold some good set-ups during debate I wonder if she will take her Prius to the Inauguration.
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kwolf68 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-09-03 04:36 PM
Response to Reply #1
2. Hummers get a tax break too friend
Thanks to Bushs economic stimulus package, because a Hummer is over 6000 pounds they are eligible for a tax credit of up to $100,000. That means the entire freaking Hummer can be written off.

This is in IRS Section.179. It is supposed to be for small business and self employed folks and is supposed to help farmers and small businesses buy equipment for their production and to move stuff.

However, it isnt being used that way.
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