What is this about tax credits for purchasers of the 400H? Sales tax or income tax?

 

Supposedly hybrid owners get some sort of tax credit depending on what time of year you purchase. It may also depend on the make/model car you have. Ultimately, check with your tax preparer for applicability.

I am curious though; anyone else have input?

 

www.fueleconomy.gov

anyway, for the RX 400h, if you purchase before march 31st, 2007 you get a $1,100 tax CREDIT. after march 31st it falls to $550 and then to 0 in september.

 

Sweet. Thanks for the link.

 

And remember, this isn't just a deduction, it's a tax credit. That's a direct subtraction of taxes owed. It's the best possible type of money back from the government

 

Does it apply to used 400h or just the new ones ?

 

New sales only.

 

are we supposed to get something Lexus that we need to file with IRS? or do we just fill it in somewhere?

 

just check a box and do it all on the form. No paperwork is needed to support it, unless you get an audit.

 

All you need to do it complete Form 8910

 

So, how many people lost this to the AMT?

 

I did..what a joke. I think I only got $300 credit...That was a big reason I bought this vehicle over the GS or RX350

 

I too lost the majority of the $2,600 eligible but did get $1,178 of it for the 2006 HiHy we bought in July.

 

That sounds like a purchase time issue, though I could be wrong. When did you buy yours?

 

Doesn't sound like a purchase time issue but rather simply the guy was hit by the ramifications of the AMT.