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Can someone whose knows tell me what forms they filled out
in doing their taxes for 2004 and claiming tax deduction
for your Prius? Did you use form 4562? form 8834?
Some help would be appreciated.
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No special forms necessary for the 1040 form. Just fill in line 35 with the
words "Clean fuel" and $ 2000 . That's all for the deduction. It's not a credit.
Bob
jumpsuit1938
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On the Clean Fuel tax credits: In 2002 I bought my first Prius and
claimed $2000 on the 1040 form. I bought a 2005 Prius in 12/04 and our
H&R tax guy said the proper claim amount on that car was 10%, or about
$2500 - so who am I to quibble with a genuine H&R tax guy?
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Turbo Tax agrees with the H&R guy, that's what I brought up the question in the
first place.
That is why I was asking about the additional forms, the way I understand it you
don't
necsessarily have to be in buisiness to claim on these new forms.
Glad to know someone else got the same answer--
Later
dan
Gary Novosielski
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Thanks for the info, when I ran my taxes on Turbo-Tax, I also about 10% of the
car cost.
This was following the software as I filled in my info, it did not use line 35
of the form 1040
Is this what you got? Did you use line 35?
Thanks
Dan
william siprelle
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Is it correct to say that the current deduction is only for "entering the
vehicle into service"? (One time only for year purchased)
Is there any credit or deduction of ongoing use?
Michelle Vadeboncoeur
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I have to say, I was wrong in the way I origanally filled out
the deduction for my Prius. I reran Turbo Tax and indeed must have checked on an
invalid button that lead the software to think I had an all electric car instead
of a hybrid model. When I reran the program, it alloted only $2000 on line 35 as
people have said instead of the
$2700 I thought I was going to get. The H&R block guy
may know something I missed but after checking this out
pretty good