 My 914 just made me some money!! |
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| sgomes |
 Feb 27 2005, 01:32 PM
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#1
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Electric Member  Group: Members Posts: 815 Joined: 6-May 04 From: Campbell, CA Member No.: 2,029  |
I just got done with my taxes. My 914 conversion qualifies for the electric vehicle tax CREDIT. Uncle Sam is going to give me back $1500!!!!!!!!! WOOOOOOOOOT! (IMG:http://www.914world.com/bbs2/html/emoticons/smilie_pokal.gif) (IMG:http://www.914world.com/bbs2/html/emoticons/clap.gif) (IMG:http://www.914world.com/bbs2/html/emoticons/mueba.gif) (IMG:http://www.914world.com/bbs2/html/emoticons/aktion035.gif) (IMG:http://www.914world.com/bbs2/html/emoticons/flag.gif) (IMG:http://www.914world.com/bbs2/html/emoticons/monkeydance.gif)
Hmmm....lets see... (IMG:http://www.914world.com/bbs2/html/emoticons/idea.gif) McMark rustoration?.....Dr. Evil interior.....downpayment on a Otmar Zilla (IMG:http://www.914world.com/bbs2/html/emoticons/drooley.gif) |
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| Otmar |
Feb 27 2005, 06:35 PM
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#2
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2000 Amps in a 914 Group: Members Posts: 174 Joined: 3-March 03 From: Corvallis, OR, USA Member No.: 387 |
Right on!
And I thought that was just for new manufactured ones. Can you give a IRS pub number or some such so I can check it out? |
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| sgomes |
Feb 27 2005, 07:09 PM
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#3
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Electric Member Group: Members Posts: 815 Joined: 6-May 04 From: Campbell, CA Member No.: 2,029 |
Well, this is where things get a little dicey.... I went to H&R Block to figure this one out. IN THEIR OPINION, under "Cost of Vehicle" on form 8834 you can put down the value that someone would have to pay to buy the equivalent vehicle. i.e the cost of the donor car plus the cost of conversion components.
I'll probably say hi to Brad in jail if we're wrong on this one. I'm keeping my fingers crossed. (IMG:http://www.914world.com/bbs2/html/emoticons/hide.gif) |
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| redshift |
Feb 27 2005, 08:02 PM
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#4
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Bless the Hell out of you! Group: Members Posts: 10,926 Joined: 29-June 03 Member No.: 869 |
Oh my god, you aren't all just nuts, YOU'RE CRIMINALS!
(IMG:http://www.914world.com/bbs2/html/emoticons/laugh.gif) 911 guys have never been so much trouble. M |
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| URY914 |
Feb 27 2005, 08:08 PM
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#5
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I built the lightest 914 in the history of mankind. Group: Members Posts: 120,389 Joined: 3-February 03 From: Jacksonville, FL Member No.: 222 Region Association: None |
Of all the members here, you two are the only ones making money with these silly cars.
Good for you! (IMG:http://www.914world.com/bbs2/html/emoticons/smilie_pokal.gif) Paul |
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| sgomes |
Mar 4 2005, 08:57 AM
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#6
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Electric Member Group: Members Posts: 815 Joined: 6-May 04 From: Campbell, CA Member No.: 2,029 |
Hey Otmar and anyone else who has an electric vehicle. Here is my final story. Things have changed a bit. Please note: I am not a tax professional. I don't know what the f%#@ I'm talking about. This information is for entertainment purposes only (IMG:http://www.914world.com/bbs2/html/emoticons/rolleyes.gif)
Here is what H&R Block researched for me: Pub 535 particularly pgs 45-46 Tax Regulation RIN 1545-AR23 IRSCode 30 and 179A The upshot of the whole mess is that a converted car does not qualify as an electric vehicle for the purposes of the electric vehicle credit. HOWEVER, the relevant criteria for meeting the clean air vehicle deduction is that the vehicle must not meet the qualifications of the electric vehicle credit. (IMG:http://www.914world.com/bbs2/html/emoticons/screwy.gif) And if this makes any sense to you at all you should stop (IMG:http://www.914world.com/bbs2/html/emoticons/smoke.gif) Soooooooo it qualifies for the clean air vehicle deduction which is $2000. It's a deduction and not a credit so that kinda sucks but at least it's not one of the itemized deductions so it doesn't get reduced if you have too many deductions. It just comes right off the top. I need a (IMG:http://www.914world.com/bbs2/html/emoticons/beer3.gif) |
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| URY914 |
Mar 4 2005, 09:19 AM
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#7
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I built the lightest 914 in the history of mankind. Group: Members Posts: 120,389 Joined: 3-February 03 From: Jacksonville, FL Member No.: 222 Region Association: None |
That explains it. I'm converting my car now. (IMG:http://www.914world.com/bbs2/html/emoticons/biggrin.gif)
What about 2 hamsters in a cage driving a flywheel? |
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| aircooledboy |
Mar 4 2005, 09:38 AM
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#8
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Sweet Pea's 1st ride in daddy's "vroom -vroom" Group: Members Posts: 1,672 Joined: 4-February 04 From: Rockford, IL Member No.: 1,629 Region Association: Upper MidWest |
Don't sweat it boys. That is a perfectly legit deduction. I do a small amount of tax law work, and I have seen this section used in similar fashion before. (IMG:http://www.914world.com/bbs2/html/emoticons/w00t.gif)
It is an "above the line" deduction, so it comes off the top of your income before your tax due is calculated. The amount of money it puts in your pocket ends up being: "2000 x (effective tax rate)=$" (IMG:http://www.914world.com/bbs2/html/emoticons/smilie_pokal.gif) For most folks, that would be right around $400, which is WAY more money than the rest of us will get for owning these sweet little rust seed cultures. (IMG:http://www.914world.com/bbs2/html/emoticons/monkeydance.gif) (IMG:http://www.914world.com/bbs2/html/emoticons/beerchug.gif) |
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| Otmar |
Mar 4 2005, 11:42 AM
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#9
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2000 Amps in a 914 Group: Members Posts: 174 Joined: 3-March 03 From: Corvallis, OR, USA Member No.: 387 |
Thanks for the details, I'll check those numbers out. I really don't get it.... (IMG:http://www.914world.com/bbs2/html/emoticons/wacko.gif) (IMG:http://www.914world.com/bbs2/html/emoticons/smoke.gif) Wait, maybe I do... (IMG:http://www.914world.com/bbs2/html/emoticons/smoke.gif)(IMG:http://www.914world.com/bbs2/html/emoticons/smoke.gif) OK, Now it all makes sense. (IMG:http://www.914world.com/bbs2/html/emoticons/biggrin.gif) |
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| TravisNeff |
Mar 4 2005, 12:16 PM
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#10
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914 Guru Group: Members Posts: 5,082 Joined: 20-March 03 From: Mesa, AZ Member No.: 447 Region Association: Southwest Region 
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So if you do get some sort of credit, do know that you can re-do your taxes for up to the past 3 years with no problems, it's the law.
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| RON S. |
Mar 4 2005, 12:27 PM
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#11
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9140430841, FINALLY RUNNING Group: Members Posts: 1,211 Joined: 22-May 03 From: WALTERBORO,S.C. Member No.: 724 Region Association: South East States |
Congrats, (IMG:http://www.914world.com/bbs2/html/emoticons/smilie_pokal.gif)
You are the first and prolly only among to ever make money on our 914's. Ron |
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| sgomes |
Mar 4 2005, 01:52 PM
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#12
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Electric Member Group: Members Posts: 815 Joined: 6-May 04 From: Campbell, CA Member No.: 2,029 |
Hmmmm..... $20k+ into the car.... ~$2k back..... hmmmm (IMG:http://www.914world.com/bbs2/html/emoticons/smoke.gif) (IMG:http://www.914world.com/bbs2/html/emoticons/smoke.gif) Hey you're right I did make money on this thing!!!! (IMG:http://www.914world.com/bbs2/html/emoticons/lol2.gif) (IMG:http://www.914world.com/bbs2/html/emoticons/chairfall.gif) (IMG:http://www.914world.com/bbs2/html/emoticons/smoke.gif) (IMG:http://www.914world.com/bbs2/html/emoticons/rocking nana.gif) Just kiddin' yeah it does feel nice to get even a little bit back. |
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