Hybrids?

Login to find out (November 1, 2005 at 12:45am)

no...u can carry over loss...lol...every year, ur kinda building up debt, i think, but yea thats pretty much the scenario, so if ur makin say 200 a month, ur lease is the only expence u report and lets say ur lease is 250, u can report loss, pretty much sayin ur payin from out of pocket or credit or whatever, the IRS will still give u the right off but u might accumulate loss, i dunno exactly how it works, but my friend shes a CPA and thats what she kinda told me, if anyone wants to know exactly ask, ill find out.

Login to find out (October 31, 2005 at 2:01pm)

Attorney, would the tax from the independant jobs have to exceed the value of lease/car to be able to "write-off" the car's cost?

Login to find out (October 31, 2005 at 9:04am)

Exactly. And you don't even have to be a 1099 contractor exclusively. Just do a couple of independent jobs a year, and you're golden.

Login to find out (October 29, 2005 at 2:12am)

if ur 1099 u can basically write of almost any sort of business expense even food u eat at resturaunts

Login to find out (October 28, 2005 at 3:30pm)

Of-course At'786... "self-employed"

Login to find out (October 28, 2005 at 8:51am)

Inthamix786: Those aren't the only ways to write off the purchase or lease of a hybrid. There are ways that an independent contractor/consultant can also do it.

Login to find out (October 27, 2005 at 6:25pm)

i duno about places other than socal.....down here most white ppl buy hybrids is cuz its a fad, i mean i live 10 mins away from newport beach, ull see a 7 series or s class and right next to it in the garage ull see a freakin prius or insight, i mean cmon...lol....

Login to find out (October 27, 2005 at 3:53pm)

yeah paki, I do. I would applaud anybody for installing solar panels on their house. Even if you don't have 20-30 thousand dollars to do it, there are less expensive ways to do less.

if you're buying a car, you might as well buy a car that uses less gas and pollutes less. It's not always about money. I like trucks. I really do. I think F-150s look tough. I think Nissan Titans look tough. but I would never drive one simply I would feel like I was consuming too much and contributing to the problem.

Login to find out (October 27, 2005 at 2:46am)

ohh btw i dont want this particular discussion turning into the "this old house" forum...lol....but adding solar panels saves u money...adds value to ur house...and doest deppreciate in value.....dont u think thats a much better solution?

Login to find out (October 27, 2005 at 2:44am)

ITM is right the only way to write it off is by leasing it under a business, which is what i do, as for the bloomberg issue...i dont remember if it was comparing it to a gas counter part, it may have, but still, do u really think ur saving that much? i mean if ur talkin about saving gas and what not and taking less from the worl, y dont u install solar panels in ur house or whatever for 20 - 30 g's and not use electricity provided by ur local electricity company? i think ur saving alot more that way rather than buying a prius or whatever.

Login to find out (October 26, 2005 at 7:09pm)

Attorney786, you have to own a business or have the car employed in a work-capacity to get a tax-deduction/write-off for it. And it's usually done as a lease-writeoff, you basically get reimbursed for your lease payment through tax-deduction. It can't be owned/purchased and then credited for tax.

Login to find out (October 26, 2005 at 4:51pm)

it's not just about saving money over the price of a gas counterpart (which is what bloomberg compares). if you compare a civic hybrid to a regular civic, then yes, it'll take years to recover the premium, but I dont think that's a fair comparison. Compare a 20 thousand dolllar car to a 20 thousand dollar car...

besides, I would consider it more because I believe it. Do you guys feel a religious and ethical responsibility to consume less - take less from the world?

Login to find out (October 26, 2005 at 8:12am)

Actually, there are (totally legal) ways to get nearly the entire price of the car written off as an income tax deduction. I'll have to find out if those methods still exist when tax season comes up again in Feb.

Login to find out (October 25, 2005 at 10:30pm)

Only a certain stipend amount of a hybrid vehicle's MSRP is good for a tax-deduction from the Federal Gov't.. Additionally, some states have further incentives. I believe California offers the greatest cut as far as state taxes go.
www.hybridcarguide.com

Federal Income Tax:

* 2005: $2000 tax deduction
* 2006: $500 tax deduction
* 2007: No deduction under current legislation

Login to find out (October 25, 2005 at 2:32pm)

Perhaps, but I think you may be leaving out the fact that the entire price of a hybrid car is a tax write-off. That will save you thousands.

Login to find out (October 25, 2005 at 2:09pm)

Bloomberg did a study a couple years ago on whether it was wirth buying a Prius. The study done in california was based on drivers driving an average of 1500 miles per month. with the premium charged on these vehicles, it would take 5 yrs to cover the premium costs on the vehicle alone with the anount of gas you save. and as far as the warranty, my friends sister has the 1st gen prius, battery went bad but toyota replaced the battery for free even after she was out of warranty for about 4 months.

Login to find out (October 25, 2005 at 9:29am)

Yoaamir makes a good point. I would think electrical problems would be devastating for a hybrid. And expensive.

Login to find out (October 25, 2005 at 1:31am)

I don't know if I'd get one yet, though. I'd hate to see how much it'll cost to repair one after the warranty expires.

Login to find out (October 25, 2005 at 1:30am)

The Accord V6 Hybrid, Lexus RX400h, and upcoming Lexus GS hybrid have more power and better fuel economy than their regular gasoline counterparts!

Example: The Accord V6 Hybrid does 0-60 in seven seconds, yet it gets nearly 30 miles per gallon in the city!

Login to find out (October 24, 2005 at 3:50pm)

I wish they had more power.

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Hybrids?

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