Need Quick Tax Answer

[weekss]

My search failed so I'm posting here. If I buy a new Leaf and wait until January 2, 2013 in order to avoid '12 property tax, can I still request the $7500. tax credit for 2012 or do I have to wait until next year (2014 for 2013 taxes) to claim the credit? I will be buying a Leaf either way but would like to claim the tax credit this year and not wait until next. If anyone knows the answer, your quick response / input would be greatly appreciated.

 

[Stoaty]

I'm not an accountant, but if you buy the car in 2013, you would be eligible for the $7500 for 2013 tax return (filed in 2014). Best to check with your tax person, since if you don't have enough taxable income you won't get the full benefit of the credit anyway.

 

[Herm]

but if you lease it you get the $7500 instantly.. wait a couple of days, then pay off the lease and convert it to a conventional loan.

 

[planet4ever]

You apply for the tax credit using IRS form 8936. Line 2 asks for the VIN and line 3 the date the vehicle was put into service. The IRS does not hand out large tax credits like this without checking the information you give them, as people here who have waited 6 to 9 months or longer to get their credit can attest.

The rule is clear, and lying will be disastrous. Any questions?

Ray

 

[weekss]

All of the answers have been very helpful, so thank you for the replies. Looks like I've got some decisions to make tomorrow. We are getting a Leaf & look forward to it. The only question is whether we do it tomorrow or on Wednesday, the 2nd. I'll update as things happen. Thanks again.

 

[ksnogas2112]

All of this assumes no changes to the current (pardon pun) tax laws.

 

[planet4ever]

All of this assumes no changes to the current (pardon pun) tax laws.

True, indeed. The $7500 could potentially end up on the "tax loophole" cutting room floor, but I see no chance of that happening within the next week. I would also think that, if it happened later, purchases before the law was signed would be grandfathered in.

Ray

 

[weekss]

Signed all contracts today buying a 2011 Red Leaf SL w/winter pkg, which is standard on 2012's. Tax credit will be taken this year and I have a lot to learn!

 

[derkraut]

Signed all contracts today buying a 2011 Red Leaf SL w/winter pkg, which is standard on 2012's. Tax credit will be taken this year and I have a lot to learn!

Congratulations! I think you will be happy with your decision. When you get your Leaf, don't forget to wave at the folks lined up @ the gas stations to fill their gas tanks.

 

[Randy]

So a 2011 has been sitting new on a dealer lot somewhere undriven for many many months? Hopefully not charged to 100% during that time...Do you have any more details about the car's history?

 

[weekss]

So a 2011 has been sitting new on a dealer lot somewhere undriven for many many months? Hopefully not charged to 100% during that time...Do you have any more details about the car's history?

Hi Randy. Yeah, I went back & forth after some reading on the forums. Bottom line, the warranty period started today. At some point, it will probably have a battery issue. At $26,000., then the tax credit (I qualify for the full $7500.) bringing it down to $18,500., that provided the nudge. Besides it's RED! (That is my favorite color Leaf ) I will try to learn much from the forums prior to the Leaf's arrival, as it's being trucked to my house from the Chicago area. At least it's cool up there. If you (or anyone else) have any pearls of wisdom for this newbie, I'm all ears...