Tax Deduction, Flex Fuel?

[Heysdad]

????????????

[matello]

i thought it was only for hybrid vehicles and not flex fuel vehicles.

[gave20]

x2

[d3athsong]

I realize your is the US, so i cant really answer this question for you. For any of the Canadian members, the rebate program does not apply to trucks, either way.

[brif]

The site is acting wierd for me. I know it has been discussed in this forum before, just the search fuction will not work for me. He is a link I found. It's alittle old though. It seems there is alot of contradicting info out there.

 

http://www.taxplanning.com/Fuel%20Problems.htm

 

http://e85.whipnet.net/news/tax.incentives.html

[flatlander]

There was a deduction in 2005 for the Flex Fuel vehicles (not a tax credit) which was totaly unrelated to the tax credit for Hybrid vehicles but I believe the deduction expired. The deduction applied whether or not the vehicle was used for business.

[ThoseDarnKids]

I was in the process of doing my taxes on TurboTax online. I just went into the "Alternative Motor Vehicle" part and it asks you, "Did you buy a hybrid or alternative car in 2007?"

 

Even though my truck isn't FlexFuel, I clicked yes and it let me choose certain makes of vehicles. I selected GMC and it gave me 4 options....

 

Sierra Two Wheel Drive Pickup

Sierra Four Wheel Drive Pickup

Yukon Two Wheel Drive Hybrid

Yukon Four Wheel Drive Hybrid

 

Note that Sierra doesn't say hybrid and Yukon does.

 

When I selected the Sierra, it added $250 to my return! When I selected the Yukon Hybrid, it added $2,200 to my return!! That sounds like it's rewarding the FlexFuel trucks with a refund to me and I'd say E-85 fits the "alternative motor" description. So, it seems that a FlexFuel Sierra/Silverado is worth a $250 refund.

 

d**n, err, darn, it. I wish the dealer had a FlexFuel version of my truck. I would have gladly paid $0 for a tailgate emblem and a $250 refund.

 

Is anyone else claiming their FlexFuel truck as an "alternative motor" vehicle?

[iminaquagmire]

I did. It doesn't ask for a VIN # or anything. I know they made a very limited number of 2007 Classic Hybrids, so I chose to do it based on the assumption that they probably wouldn't offer it for just those. Plus its also defined as an alternative fuel vehicle.

[y2kz71]

Im gonna try mine next week and see if I get the $250

[wages999]

TurboTax needs to get their descriptions fixed. The deduction they are giving you is the Hybrid Vehicle Credit. The deduction should read as follows:

 

2007 Silverado/Sierra 2wd Hybrid $250

2007 Silverado/Sierra 4wd Hybrid $650

 

I'm not sure why they list the Yukon Hybrid because they were not released in 2007, so if you buy one, it would be a deduction for your 2008 tax return.

 

There are other credits for alternative fuel vehicles, but as far as I can tell the E85 Trucks don't qualify for any of them.