TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Monday, June 27, 2005

Buy a Highlander, Get a $2,000 Tax Deduction

Irs_logo_106 Highlander500_1 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:

https://taxprof.typepad.com/taxprof_blog/2005/06/buy_a_highlande.html

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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 5:46:53 AM