Tax credit for Hybrid car purchase

I purchased a Prius in May 2007. Looks like I am qualified for $787.50 credit from that tax year. Looking at the 1040 form I can't tell which line I should use to claim this credit (lines 47 thru 55). Can some body please help?

Reply to
Kalyan
Loading thread data ...

Form 8910, which feeds line 55 of the 1040.

Reply to
Phil Marti

Are you sure? Without looking it up, I'm pretty sure the credit for Toyota Prius ran out many quarters ago (available credit depends on total manufacturers' output for a certain number of calendar quarters...)

-Mark Bole

Reply to
Mark Bole

My research associate, Mr. Google, took about 20 seconds to look up this informative page on the IRS web site:

formatting link
7557,00.html It confirms that the credit for a Prius purchased in May is $787.50.

It also tells us that you fill out form 8910, on which you compute the amount to put on line 55 of form 1040. If you use the car partly or entirely for business, you have to split the credit, using form 3800.

R's, John

Reply to
John Levine

Thanx for the link. Yes, it appears 25% of the credit is still available to this purchaser. Four months later and it would have been gone. I knew it phased out somewhere in 2007! Most recently I saw a Ford Escape purchaser who easily still qualifies for the full credit.

Where can I hire this Mr. Google, and will he sign a non-disclosure agreement?

-Mark Bole

Reply to
Mark Bole

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.