$1800 Diesel Tax Credit (TurboTax problem)

[spacey]

Originally Posted by Penguin

The quick solution is to simply click on the 2009 box. You submit the tax return claiming a 2009 model and then one of two things happen:

(a) Nothing. The tax return goes through, you get the correct credit, and that's the end, or

(b) For some odd reason you are audited and you show the IRS it is a 2010 model, not a 2009. The IRS sees the credit is the same, no additional tax is owed, and that's the end of it. The IRS will not do anything about an error which results in no change of tax liability.

Is it still $1800 for 2010 and NOT $900 as BMW site shows? I know this was a hot topic a while ago but don't know if it's been resolved. There is an IRS page w/the cars listed someone posted a link to few months ago but I can't find it.

EDIT: Nevermind, found the link - 2010 Advanced Lean-Burn Vehicles (as of 1-25-10) It's still $1800 for 2010. Whoopie!

Now if the IRS only had tax credits for horrible BMW seats I'd go and voluneer for them.

spacey

[Tangfish]

Originally Posted by spacey

Is it still $1800 for 2010 and NOT $900 as BMW site shows? I know this was a hot topic a while ago but don't know if it's been resolved. There is an IRS page w/the cars listed someone posted a link to few months ago but I can't find it.

EDIT: Nevermind, found the link - 2010 Advanced Lean-Burn Vehicles (as of 1-25-10) It's still $1800 for 2010. Whoopie!

Now if the IRS only had tax credits for horrible BMW seats I'd go and voluneer for them.

spacey

I showed my CPA this page and he pointed out that it's for businesses, not individuals. I think we're still waiting to hear the verdict from the IRS for individuals.

[Diesel Guy]

You need to find a new CPA !!! He knows not of what he speaks !!!

[Penguin]

Originally Posted by Diesel Guy

You need to find a new CPA !!! He knows not of what he speaks !!!

[Armand]

Originally Posted by Tangfish

I showed my CPA this page and he pointed out that it's for businesses, not individuals. I think we're still waiting to hear the verdict from the IRS for individuals.

Just call IRS they are nice people. Won't charge a dime to tell you that it's available for personal as well as business use.

[Tangfish]

Originally Posted by Diesel Guy

You need to find a new CPA !!! He knows not of what he speaks !!!

Well, you have to admit that it's not the clearest thing to have the tax credit listed in the "Business" section of the IRS site, regardless of whether or not it applies to individuals & businesses or not.

[Penguin]

Originally Posted by Tangfish

Well, you have to admit that it's not the clearest thing to have the tax credit listed in the "Business" section of the IRS site, regardless of whether or not it applies to individuals & businesses or not.

True... but my expectations of a tax CPA is that he will know the tax law better than laypeople on internet message boards.

[Armand]

I went over form 8910 again to verify the personal use issue. It clearly says that the credit applies to business use and personal use. The catch is that this form is old. Last year, AMT messed up this credit for personal use. The 2009 form appears to have removed that condition (as stated by Penguin several posts earlier.) The 2009 form can be found in Turbo Tax (not yet posted on irs.gov.) I see the full credit with no regard to AMT for personal use.

[jaaX3]

We finished our taxes this past weekend (TurboTax). We got our credit, along with the sales tax deduction (on up to $49.5k of the price)!