Posted on 08/24/2010 11:14:42 AM PDT by ken5050
Freepers know everything, so I expect that someone will have the answer to the question..it came up in a discussion last night. If you buy a Chevy Volt, you'll get a rebate when you file your 1040 form. So, do you pay state sales tax on the rebate amount?
Two more questions, while I'm at it?
1. Anyone know if the Volt qualifies for the California rebate..I heard it didn't.
2. Is the federal rebate a no-refund rebate..IOW, if your total federal tax bill is say, $2000, that's ALL you get back...not the full $7000..true or not?
Relax..I have NO intention of buying one...
Another Q: if you buy a Chevy Volt, can you depreciate the battery back, since it will be valued as surplus in only 5 years? Would that be MACRS or straight-line?
No, but they will charge someone income tax on the rebate in addition to a 100% tax for being dumb as a rock.
Another Q: if you buy a Chevy Volt, can you depreciate the battery pack, since it will be valued as surplus in only 5 years? Would that be MACRS or straight-line?
A $41,000 electric car that goes only 40 miles before it need to be recharged (overnight)?
yeah... that’s a government designed car
If you buy one of those I hope they tax the hell out of you!
I don’t know if you pay the rebate tax but your shriveled member tax decreases by 45% due to loss of usage.
another question, how is the state going to collect highway trust funds on electric drive cars since it currently is paid at the pump? I’m sure they will find a way..
After 40 miles, the on-board internal-combustion engine provides power for the electric motors and charges the batteries.
Still stupid, but that’s the plan.
I believe that for any rebates of any sort, the sales taz is on the sales price (not including the rebate).
So they get the full tax from you.
And it's a federal tax credit, not a "rebate". That means that it is added to your tax payment, not subtracted from your tax liability.
So, if you owe $2000 and didn't pay any estimated tax or withhold anything, you'll get a $5000 refund.
Who’s going to be dumb enough to buy one of these things to begin with?
If they do buy one, then I pray that they get hit with every tax imaginable. They deserve it.
Yes, they will.
Have you heard talk of “smart meters”? The want to put in electric meters that know the time of day of useage and compute your bill accordingly.
It’s not much of a hop from there to having a special plug for your car which incurs road use tax too.
Also, there’s been talk of collecting road use tax based on your odometer reading.
They are going to start charging you per mile that you drive.
Glad someone actually answered the question. I think you have it right. You pay tax on the full amount.
What's so funny about this nonsense is that the battery in these things is an environmental nightmare itself.
I’m assuming that ken505 is not looking to buy a Volt - he’s looking for facts to throw at some liberal friends who think it’s a great idea.
The only tax you have to pay is Dave Ramsey’s ‘Stupid Tax.’
It really doesn’t matter. If you buy a Chevy Volt, then it is obvious to all that you do not value money.
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