I found out how much I owe this year in taxes and its not pretty. Does anyone know if there is a deduction if you bought a hybrid vehicle this year? More specifically I won one this year in a raffle and I took the income of the vehicle on a W9. Well since it was a hybrid and I registered it before I sold it I am trying to find out if there is some qualifying deduction for purchasing a hybrid vehicle. Thanks TWW for the advice ahead of time! My accountant charges me for everything damnit.

1/13/2007 7:51:33 AM

http://www.fueleconomy.gov/feg/tax_hybrid.shtml

1/13/2007 8:10:49 AM

his google must be broken

1/13/2007 9:47:30 AM

First off get an accoutant that gives free tax advice. All the major chains will give free tax advice.

Next, there are deductions for hybrid vehicles based on the vehicle make and model. However, you didnt pay for the vehicle, thus you have no qualifying expenses of buying a hybrid vehicle. Any property taxes you paid on the vehicle are deductible, of course they must be based on the value of the car. Also, since you won the vehicle you will have to pay income taxes on the fair market value of the vehicle when you won it.

If you have any other questions pm me.

1/13/2007 4:58:52 PM

Pay the money for somebody at H&R Block (or wherever). If you end up owing $200 less, will be worth whatever fee you paid upfront.

1/14/2007 7:56:01 AM

Avoid H & R Block. Most of their stores are owned by the company, making them awful.

1/14/2007 1:14:42 PM

Quote :

"First off get an accoutant that gives free tax advice."

you get what you pay for. if i were you i'd try to see if you have any more expenses that you can itemize. other than that, there probably isn't very much any accountant could do.

1/14/2007 3:30:34 PM

Quote :

"http://www.fueleconomy.gov/feg/tax_hybrid.shtml"

Quote :

"The vehicle is acquired for use or lease by the taxpayer, and not for resale."

1/15/2007 5:51:48 PM

1/16/2007 8:42:40 AM

You won a car?

1/16/2007 9:14:51 AM