Honda Insight Forum banner

1 - 5 of 5 Posts

·
Registered
Joined
·
12 Posts
Discussion Starter #1
Does that only qualify if you buy a NEW Insight or does it qualify simply as being an owner of an insight for the first year.
Also, is that a 2000$ check from the government or is that only if you owe the government 2000$ will they pay it off.....
Thanks
 

·
Registered
Joined
·
34 Posts
Tax break

Actually it is a $1,500 dollar deduction on vehicles purchased this year. I believe it can only be taken by the original purchaser. The deduction was $2,000 last year, but it is currently being phased out ($1,000 next year, $500 the following year and nothing after that). The SUV tax break on the other hand was vastly increased recently :evil:

Chris in Washington, NH
Silverstone 2004 #37
74 LMPG
 

·
Registered
Joined
·
133 Posts
As Chris stated, it's a deduction, not a credit. This means the $1500 is subtracted from your income, not from your tax. For example, if your marginal tax rate is 28% you get back $420, not $1500.

It only applies if you buy a new Insight.
 

·
Premium Member
Joined
·
891 Posts
You can take the tax break only once on any given Insight. So, the only way you can take it on a used Insight is if no other previous owner already has, which is possible, but quite unlikely.
 
1 - 5 of 5 Posts
Top