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June 27, 2005
Buy a Highlander, Get a $2,000 Tax Deduction
The IRS announced today (IR-2005-69) that the model year 2006 Toyota Highlander Hybrid is eligible for the clean-burning fuel deduction. Taxpayers who purchase one of these hybrid vehicles new during calendar year 2005 may claim a tax deduction of up to $2000 on Form 1040. In 2006, the deduction drops to $500.
See here for a list of the vehicles that qualify for the deduction:
- Ford Escape Hybrid — Model Year 2005
- Honda Accord Hybrid — Model Year 2005
- Honda Insight — Model Years 2000 through 2005
- Honda Civic Hybrid — Model Years 2003 and 2005
- Lexus RX 400h — Model Year 2006
- Toyota Highlander Hybrid — Model Year 2006
- Toyota Prius — Model Years 2001 through 2005
June 27, 2005 in IRS News | Permalink
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» Tax Deductions for Hybrid car/SUV purchases from Zmetro.com
Paul Caron has the list. Note that 1 out of 7 vehicles is a domestic (the Ford Escape Hybrid - which uses Toyota hybrid components). The deduction is $2000 in 2005 and $500 in 2006 (not a whole lot for... [Read More]
Tracked on Jun 28, 2005 8:46:53 AM
