Almost Tax Time!

[BarryD]

Does anyone know the precise figure we can claim as a federal tax credit this year? I bet Turbotax will have the answer, but if any of you have already researched this, I'm sure the rest of us would be interested in your findings. I recall seeing $2000 somewhere.

A quick update on my experience with my RX400h: I've owned it for two months and driven it 2500 miles. What I like most about it: the hybrid system, the quick-heating seats, the exterior and interior lighting. What I like least about it: the back window washer/wiper, the seat comfort/positioning, (that's about it!). I've had the same little interior squeaks and rattles as others on this board, but they've all seemed to have healed themselves for the most part. I'm getting 25+ mpg until the temperature drops below 20F. It's been as low as 21+ with temps +/-0F. I'm OK with that. After all, its' a 4500 lb. vehicle that really moves when you need it to! It also handles very well on ice and snow. Add that to my "most liked" list.

Enjoy your RX400h! I certainly am. Happy Holidays!

Edited December 23, 2005 by BarryD

[stonecutter]

Does anyone know the precise figure we can claim as a federal tax credit this year? I bet Turbotax will have the answer, but if any of you have already researched this, I'm sure the rest of us would be interested in your findings. I recall seeing $2000 somewhere.

A quick update on my experience with my RX400h: I've owned it for two months and driven it 2500 miles. What I like most about it: the hybrid system, the quick-heating seats, the exterior and interior lighting. What I like least about it: the back window washer/wiper, the seat comfort/positioning, (that's about it!). I've had the same little interior squeaks and rattles as others on this board, but they've all seemed to have healed themselves for the most part. I'm getting 25+ mpg until the temperature drops below 20F. It's been as low as 21+ with temps +/-0F. I'm OK with that. After all, its' a 4500 lb. vehicle that really moves when you need it to! It also handles very well on ice and snow. Add that to my "most liked" list.

Enjoy your RX400h! I certainly am. Happy Holidays!

According to the following CNN article, you may be eligible for a tax deduction, not tax credit. Tax credits start in Jan. 2006, but I don't see the 400h in the list of cars mentioned in the article.

http://money.cnn.com/2005/12/21/Autos/tips...dex.htm?cnn=yes

[BarryD]

OK, I've answered my own question! I got the impression from a local TV story that we got a credit. stonecutter is right - it's a $2000 deduction, not a credit. Here's the link to the source of record:

http://www.irs.gov/newsroom/article/0,,id=138807,00.html

[RX400h]

Thanks; I am looking forward to including this deduction. Every little bit helps! :)

[MrLANlord]

Here is another page that may help answer your questions regarding Hybrid tax deductions/credits...

http://www.hybridcars.com/tax-deductions-credits.html

Also, some good state-specific info can be found here...

http://go.ucsusa.org/hybridcenter/incentives.cfm

[RX400h]

Here is another page that may help answer your questions regarding Hybrid tax deductions/credits...

http://www.hybridcars.com/tax-deductions-credits.html

Also, some good state-specific info can be found here...

http://go.ucsusa.org/hybridcenter/incentives.cfm

...great links - thanks! It looks like I get a $2200 federal tax credit.

[stiksandstones]

Here is another page that may help answer your questions regarding Hybrid tax deductions/credits...

http://www.hybridcars.com/tax-deductions-credits.html

Also, some good state-specific info can be found here...

http://go.ucsusa.org/hybridcenter/incentives.cfm

...great links - thanks! It looks like I get a $2200 federal tax credit.

We got our 400h in summer of 05'

reading those links criteria says must be purchased on or after jan 1 2006-so we do not get the credit?

[skyfish400h]

Here is another page that may help answer your questions regarding Hybrid tax deductions/credits...

http://www.hybridcars.com/tax-deductions-credits.html

Also, some good state-specific info can be found here...

http://go.ucsusa.org/hybridcenter/incentives.cfm

...great links - thanks! It looks like I get a $2200 federal tax credit.

We got our 400h in summer of 05'

reading those links criteria says must be purchased on or after jan 1 2006-so we do not get the credit?

The new law kicked in Jan1, 06... but there is another one that applies for the 05 yr. It's not exactly the same and amounts are lower, but it is worth going for. Search older threads from last year to find the link, it was an IRS link, if I remember.

[lexus411]

If you purchased it in 2005 it is eligible for a $2000 DEDUCTION. 2006 is Eligible for a $2200 TAX Credit. See your advisor

[jerryray]

Just did our taxes. In NY state the rx400h qualifies as as a "clean air vehicle" NOT an electric vehicle. Actual tax savings was ony a few hundred.

If you purchased it in 2005 it is eligible for a $2000 DEDUCTION. 2006 is Eligible for a $2200 TAX Credit. See your advisor

[BadBrad]

How does the tax deduction apply if you lease the vehicle? Anyone, anyone...

Thanks.

[Statman]

How does the tax deduction apply if you lease the vehicle? Anyone, anyone...

Thanks.

Notta!

[RX400h]

OK, I've answered my own question! I got the impression from a local TV story that we got a credit. stonecutter is right - it's a $2000 deduction, not a credit. Here's the link to the source of record:

http://www.irs.gov/newsroom/article/0,,id=138807,00.html

This link saved me over $400 in the federal return - thanks! Now if only there were something as clear in the State forms......... :cries: