- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I purchased a Toyota Prius Prime in 2017. Can I still claim a credit for it for the 2017 tax year?
Topics:
June 4, 2019
8:41 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Yes, a personal vehicle purchase may qualify you to deduct sales tax paid, your car registration fee, or in some cases, an energy credit.
- One may only deduct sales tax (including from your vehicle purchase and other large purchases from the tax year) OR income tax. See this article for more information.
- Since you may choose one or the other, generally filers from states with no income tax would benefit from deducting the sales taxes paid.
- To determine if you can deduct your car registration fee, please see TurboTax FAQ “Is my car registration fee deductible?” here.
- Please note, you may only deduct any yearly fee paid based on your vehicle’s value IF you itemize your deductions.
- To review the TurboTax energy-efficient vehicle section, please use the search function at the top right of the screen. Search for 8910 and select jump to 8910.
- For more information about
the Plug-in Electric Drive Motor Vehicle Credit, please click here to see this answer.
For more information about the Alternative Motor Vehicle Credit, please see TurboTax Blog, “What Is IRS Form 8910: Alternative Motor Vehicle Credit?”
[edited 3/4/18 @ 9:01pm EST]
June 4, 2019
8:41 PM