Discussion:Cash for Clunkers

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Revision as of 18:05, 29 July 2009
Taxguy1024 (Talk | contribs)
(I read it the sa)
← Previous diff		 Revision as of 13:27, 30 July 2009
Taxea (Talk | contribs)
("The cutoff for)
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{{ForumReplyPost|UserID=Taxguy1024|Date=29 July 2009|Text=I read it the same way you do.}} {{ForumReplyPost|UserID=Taxguy1024|Date=29 July 2009|Text=I read it the same way you do.}}
 +
 +{{ForumReplyPost|UserID=Taxea|Date=30 July 2009|Text="The cutoff for a clunker is 18 mpg or less and guess what my ford tarus is rated at? That's right, 19 mpg, not a clunker. errr."
 +Not exactly...the way I read it...the credit is based on how much of a difference there is in the mph of the clunker against the mph of the new vehicle. There is also a limit to the age of the clunker.
 +I have a 1984 Chev S10 that gets 23mpg...putting it through the website if I buy a Ford Escape I qualify for 3500. If I buy an Escape Hybrid I qualify for 4500.
 +
 +www.cars.gov}}

Revision as of 13:27, 30 July 2009

Discussion Forum Index --> Basic Tax Questions --> Cash for Clunkers
Discussion Forum Index --> Tax Questions --> Cash for Clunkers

Beangrinder (talk|edits) said:

29 July 2009
Hi,

cars.gov covers the cash for clunkers questions. I read the law and want to double check my interpretation (http://www.cars.gov/files/CARS-Law.pdf).

Let's say taxpayer has a clunker that qualifies for the full voucher amount - $4,500. And let's say taxpayer trades in for a plug-in hybrid. Taxpayer would also get the Federal credit of $7,500 (maximum credit)? Taxpayer would walk away with a possible $12,000 of savings? That's how I am reading it. Other people reading it the same way?

The cutoff for a clunker is 18 mpg or less and guess what my ford tarus is rated at? That's right, 19 mpg, not a clunker. errr.

Thanks

Taxguy1024 (talk|edits) said:

29 July 2009
I read it the same way you do.

Taxea (talk|edits) said:

30 July 2009
"The cutoff for a clunker is 18 mpg or less and guess what my ford tarus is rated at? That's right, 19 mpg, not a clunker. errr."

Not exactly...the way I read it...the credit is based on how much of a difference there is in the mph of the clunker against the mph of the new vehicle. There is also a limit to the age of the clunker. I have a 1984 Chev S10 that gets 23mpg...putting it through the website if I buy a Ford Escape I qualify for 3500. If I buy an Escape Hybrid I qualify for 4500.

www.cars.gov

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