So january 28th of 2013 I purchased my 2011 honda cr-z ex that I used to own. I was told by a few people when I bought it, that I was able to claim it on my taxes this year because it was a hybrid. Is this true? Has anyone done this? Any idea or insight? Should i even bother claiming it?
No. The only federal credits currently available are for full electric and plug-in hybrids.
http://www.fueleconomy.gov/feg/taxevb.shtml
You can claim the sales taxes paid if you itemize but often times that isn’t even the most advantageous method.
Got ya. that’s more or less what I meant. Being able to claim the sales tax paid on the car lol. How would one be able to do that.
you cannot claim sales tax on a car purchase in NY.
Also CANNOT claim registration fees in NYS
False. You can choose between sales tax paid or state/local income tax. There are a few scenarios where it does work in NYS although more often than not, state/local income taxes are higher. 2 big purchases in a year could get you there though (for example, car and a boat).
That’s why I mentioned that it usually isn’t the most advantageous method.
This^
Turbo tax is showing credits for hybrids and plug in hybrids and saying that you can claim the tax purchase of the car if itemized. Im totally confused here i might just go to eg tax. fml
I’m fairly certain that you can only claim the hybrid vehicle tax credit on a new car.
good info, I looked it up and get the impression you have a to spend a LOT relative to your income to make it possible.
I called eg tax and they said basically I could only write of the tax paid on the car if I itemized my taxes and could only do so if I owned my own home or had kids. Which I do not so I guess its useless to try. ugh that extra $950 would of been nice.
I would have needed to purchase my EOS like 7 times in 2013 to be able to deduct it.
Owning a home isn’t necessary to itemize, just the easiest way to get you over the hump of the standard deduction. That’s a pretty decent link I posted.
You can if you roll them into your lease payment and take your lease as a business write off.
Haha. Many expenses that don’t qualify as a normal Sch A deduction can be tossed in as a business or rental expense. For example, you live in a multi-family house, landscaping is 50% deductible whereas you would receive no tax benefit in a single family home.
Ugh, Ok? Pretty sure that’s not the scenario we’re dealing with but whatever.
Even if not leasing, you could roll them into the financing and claim as business expense if you had a legitimate business.
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When I lived in a double I wrote off 50% of
-heat, electric, water
-landscaping
-internet
-plow
-mortgage principal (and 100% of mortgage interest)
Jesus, for someone who seems to have a working tax knowledge, writing off mortgage principal seems to be a rather blatant error/fraud. Mortgage interest and taxes should be split between Sch A and Sch E.
All the other items handled are proper as long as the property had shared heat/electric/water.
…I write off my mortgage principal as a rental expense…it’s housing for the super right?
LOL, only if the super pays rent?