Hybrid Car – More Fun with Less Gas

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Posted by Bill on November 21, 2004, 5:32 pm

Right, Mike.  Even if one takes the standard deduction instead of itemizing,
they still benefit from the $000.00 adjustment.

Posted by Michelle Vadeboncoeur on November 21, 2004, 4:48 pm

Your dealer is misinformed.

Thanks to the newly signed "Working Families Tax Relief Act of 2004,"
the Clean Fueled Vehicle deduction has been extended.  The amount of
the deduction for purchases in 2004 and 2005 are now the old amount of
$000, whereas prior to the act the amounts were $500 and $000
respectively.  2006 is still $00, with the sunset still in 2007.
http://www.irs.gov/newsroom/article/0,,id 0146,00.html
http://www.irs.gov/newsroom/article/0,,id 4549,00.html

For information on how to file:

and see the IRS Publication 535 "Business Expenses," chapter 12, for
the Clean Fueled Vehicle federal income tax DEDUCTION.

Note that you can only take the deduction on NEW purchases (financing
OK), but not on leased vehicles, or used vehicles.

Posted by Ken on December 3, 2004, 4:50 am
 I have been told it is $500 this year, it was $000 last year.


Posted by Michelle Steiner on December 3, 2004, 5:26 am

That's been changed by legislation passed last month.  It was restored
to $000 this year (and next year).  In 2006, it becomes $00, and after
that it's eliminated--unless it's changed by legislation again.

Stop Mad Cowboy Disease:  Impeach the son of a Bush.

Posted by richard schumacher on November 5, 2004, 2:09 am
  Chewy2426@aol.com (Aaron) wrote:

If you want to minimize your direct expenses, buy a recent used Civic.  
If you want get a really neat car that reduces oil imports and minimizes
pollution, and you don't mind waiting for it, get the Prius.

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