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Started By
Message
re: Flex Fuel Vehicle Tax Deduction
Posted on 2/7/12 at 1:31 pm to TortiousTiger
Posted on 2/7/12 at 1:31 pm to TortiousTiger
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.
Posted on 2/7/12 at 1:33 pm to iknowmorethanyou
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 2/7/12 at 1:35 pm
Posted on 2/7/12 at 1:39 pm to TortiousTiger
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.
Lists all of the makes and models that currently qualify as FFV. I pulled Ford, b/c that's what you said you purchased.
Posted on 2/7/12 at 1:40 pm to iknowmorethanyou
i hear ya man.
That's not really how laws work though.
Posted on 2/7/12 at 1:43 pm to TortiousTiger
No gray area here my friend. I'm cautioning you to be realistic. You're reaching big time.
Posted on 2/7/12 at 1:48 pm to iknowmorethanyou
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
Posted on 2/7/12 at 1:52 pm to TortiousTiger
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.
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 2/7/12 at 1:54 pm
Posted on 2/7/12 at 1:57 pm to iknowmorethanyou
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.
Posted on 2/7/12 at 2:00 pm to TortiousTiger
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%.
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 2/7/12 at 2:02 pm
Posted on 2/7/12 at 2:30 pm to iknowmorethanyou
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)
Posted on 2/7/12 at 2:39 pm to TortiousTiger
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.
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.
Posted on 2/7/12 at 2:41 pm to TortiousTiger
quote:
TortiousTiger
Let us know how it works out.
Posted on 2/7/12 at 2:47 pm to TortiousTiger
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?
Posted on 2/7/12 at 3:14 pm to socks and sandals
if your vehicle is E85, it doesnt matter what that list says.
Posted on 2/7/12 at 8:05 pm to TortiousTiger
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?
Posted on 2/7/12 at 9:17 pm to bubbz
quote:
I filed my taxes already?
Yes, file an amended return.
Posted on 2/8/12 at 6:55 am to tigeryat
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?
Posted on 2/8/12 at 7:29 am to socks and sandals
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.
Posted on 2/8/12 at 7:47 am to tigeryat
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
Posted on 2/8/12 at 11:34 am to socks and sandals
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!!
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 2/8/12 at 11:35 am
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