Flex Fuel Vehicle Tax Deduction - Page 3 - TigerDroppings.com

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iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4601 posts

re: Flex Fuel Vehicle Tax Deduction


Man up and claim it then. It doesn't matter to me. I'm just providing you with information. It's not my opinion, nor the opinion of the US Dept of Energy. It's a calibrated fact. I hope you get it, but seriously doubt you will. Good luck.





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TortiousTiger
Baton Rouge
Member since Jan 2007
12667 posts

re: Flex Fuel Vehicle Tax Deduction


quote:

It's a calibrated fact.


I hear ya man.

I'm just calling it how I see it as well.

ETA: I bought mine in Jan, so I suppose I have to give them another year to come up with some APA rule to narrow the definition to E85 vehicles.



This post was edited on 2/7 at 1:35 pm


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iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4601 posts

re: Flex Fuel Vehicle Tax Deduction


LINK

Lists all of the makes and models that currently qualify as FFV. I pulled Ford, b/c that's what you said you purchased.






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TortiousTiger
Baton Rouge
Member since Jan 2007
12667 posts

re: Flex Fuel Vehicle Tax Deduction




i hear ya man.

That's not really how laws work though.






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iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4601 posts

re: Flex Fuel Vehicle Tax Deduction


No gray area here my friend. I'm cautioning you to be realistic. You're reaching big time.





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TortiousTiger
Baton Rouge
Member since Jan 2007
12667 posts

re: Flex Fuel Vehicle Tax Deduction


quote:

No gray area here my friend. I'm cautioning you to be realistic. You're reaching big time.


dude, you can link to external stuff all day. None of it matters.

The law says what it says, outside of an APA rule






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iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4601 posts

re: Flex Fuel Vehicle Tax Deduction


I'm not competing with you. I'm just saying it's a known fact that E85 is the minimum. Possibly you can politic for that rule to be changed.

ETA: In the meantime, get proper tax representation in the form of a CPA if you're gonna go balls deep and claim your Ecoboost.




This post was edited on 2/7 at 1:54 pm


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TortiousTiger
Baton Rouge
Member since Jan 2007
12667 posts

re: Flex Fuel Vehicle Tax Deduction


quote:

I'm just saying it's a known fact that E85 is the minimum.


you can't just say "it's a known fact."

there is a law which gives standards. Those standards are what is used for the purposes of the tax credit.

quote:

In the meantime, get proper tax representation in the form of a CPA if you're gonna go balls deep and claim your Ecoboost.

I'll trust my own analysis over that of a CPA just because of three letters.






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iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4601 posts

re: Flex Fuel Vehicle Tax Deduction


So your understanding is that just because your vehicle does not seem to qualify by all relevant standards, it does in fact qualify because you say so? If that's the case, I have quite a few extra deductions to claim this year.


ETA: I like the confidence factor of saying your scope of knowledge exceeds a trained professional. The minimum standard is 85%.



This post was edited on 2/7 at 2:02 pm


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TortiousTiger
Baton Rouge
Member since Jan 2007
12667 posts

re: Flex Fuel Vehicle Tax Deduction


quote:

I like the confidence factor of saying your scope of knowledge exceeds a trained professional.


well, I have been to more complex tax law classes than 99% of the cpas out there (although I don't deal with tax on a daily basis).

I also don't trust anyone to not be an idiot with my money.

quote:

So your understanding is that just because your vehicle does not seem to qualify by all relevant standards


what you fail to accept is that there is only ONE relevant standard and that is outlined in black and white (and quoted for you several times)






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iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4601 posts

re: Flex Fuel Vehicle Tax Deduction


IF you pull this off, you should open a tax service (for a 1/3 fee) to provide the info to those in the same boat (or F150) as you.

I have no doubt that you know your stuff. I just think you're being a little too brazen to think there is wiggle room here. Sometimes the "frick the man I want my $3K credit" is a slippery slope.

Go for it and report back! I'd love to be wrong. It means a taxpayer gets a pretty nice break rather than the usual BS we hear.






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tigeryat
LSU Fan
God's Country
Member since Oct 2005
2553 posts

re: Flex Fuel Vehicle Tax Deduction


quote:

TortiousTiger


Let us know how it works out.






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socks and sandals
LSU Fan
Lou-z-an-r
Member since Aug 2004
563 posts

re: Flex Fuel Vehicle Tax Deduction


I'm completely confused now. Per that link, the 2011 5.0L V8 (which is the same motor as the 2012)is not a FFV but the 2012 is...They are both E85. Anyone else catch that?





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TortiousTiger
Baton Rouge
Member since Jan 2007
12667 posts

re: Flex Fuel Vehicle Tax Deduction


if your vehicle is E85, it doesnt matter what that list says.







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bubbz
Baylor Fan
Team Boxtard
Member since Mar 2006
17998 posts

re: Flex Fuel Vehicle Tax Deduction


My truck is on this list but I bought it in 2010? Can I still claim this credit by filing an amendment this year considering I filed my taxes already?





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tigeryat
LSU Fan
God's Country
Member since Oct 2005
2553 posts

re: Flex Fuel Vehicle Tax Deduction


quote:

I filed my taxes already?


Yes, file an amended return.






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socks and sandals
LSU Fan
Lou-z-an-r
Member since Aug 2004
563 posts

re: Flex Fuel Vehicle Tax Deduction


Does anyone know if the purchase of the vehicle had to be in the calender year of 2011 or as long as it was purchased before April 15th?





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tigeryat
LSU Fan
God's Country
Member since Oct 2005
2553 posts

re: Flex Fuel Vehicle Tax Deduction


If you purchased the vehicle in 2012, the credit goes on your 2012 tax return. It does not work like the IRA or HSA contribution rules.





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socks and sandals
LSU Fan
Lou-z-an-r
Member since Aug 2004
563 posts

re: Flex Fuel Vehicle Tax Deduction


quote:

If you purchased the vehicle in 2012, the credit goes on your 2012 tax return. It does not work like the IRA or HSA contribution rules.


Thanks






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bubbz
Baylor Fan
Team Boxtard
Member since Mar 2006
17998 posts

re: Flex Fuel Vehicle Tax Deduction


UPDATE:

I just spoke verbally with someone from Louisiana Dept of Revenue. The credit is legit. I bought my truck in 2010. The rep said all I have to so is file an amendment for my 2010 taxes. Thank you TigerDroppings!!




This post was edited on 2/8 at 11:35 am


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