Regarding the tax credit (federal 7500)

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JKroll

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Is there a document which Honda sends saying this is within 250 K first cars sold?

What documents are to be filed with tax return to prove validity of credit?
 
I think Honda still has well over 190k credits, it will be many years before they expire at the current rate. I imagine something will change in tax law before that.
 
Even once the manufacturer hits 200k credits, it phases out over the calendar year. Tesla is going to blow the cap on 200k by so many credits that I would not be surprised if the people eliminate the tax credit from next years budget.
 
my question was mostly general. For example for Prius how does one know how much credit to claim. What is the system which tells your car was associated with 50 % credit or 25 % credit. Is it just date of purchase?
There must be an official site which lists on what date Prius 50 % credit started.
 
JKroll said:
Is there a document which Honda sends saying this is within 250 K first cars sold?

What documents are to be filed with tax return to prove validity of credit?
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The form will require you to put in your VIN #. The software then verifies the credit.
 
JKroll said:
Is there a document which Honda sends saying this is within 250 K first cars sold?

What documents are to be filed with tax return to prove validity of credit?
Click to expand...
Turbo-tax does it for you- just need vin # and car info
 
HappyValley said:
Is there a limit to how many tax credits a family can receive in a given year and/or lifetime?
Click to expand...

My understanding is that a long as you own the vehicle, you can get the credit as many times as is available. The IRS form has places for two vehicles and it says to attach more forms for additional vehicles. So I imagine you can get cars for the whole family.
 
ab13 said:
My understanding is that a long as you own the vehicle, you can get the credit as many times as is available. The IRS form has places for two vehicles and it says to attach more forms for additional vehicles. So I imagine you can get cars for the whole family.
Click to expand...
Or you could trade for the 2019...:);)
 
HappyValley said:
Is there a limit to how many tax credits a family can receive in a given year and/or lifetime?
Click to expand...
One limit would be that in a given year you can not take more credits than you pay in taxes and you can not spread the credit out over several years. This would mean if your tax liability was $14000 and you purchased two cars qualifying for the $7500 credit (totaling 15k) in the same year, you'd only get a 14k credit.
 
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