IRS Lean Burn Hit - It is $1800

[Bmwrails]

2010 Advanced Lean-Burn Vehicles (as of 12-22-09)

Model Year
Make
Model
Credit Amount
2010
Audi
A3 2.0L TDI Automatic
$1,300
2010
Audi
Q7 3.0L TDI
$1,150
2010
Mercedes-Benz
ML350 Bluetec
$ 900
2010
BMW
335d Sedan
$ 900
2010
BMW
X5 xDrive35d
$1,800
2010
Mercedes-Benz
GL350 Bluetec
$1,800
2010
Mercedes-Benz
R350 Bluetec
$1,550
2010
Volkswagen
Golf 2.0L TDI 2 door and 4 door automatic
$1,700
2010
Volkswagen
Golf 2.0L TDI 2 door and 4 door manual
$1,300
2010
Volkswagen
Jetta 2.0L TDI
(manual and automatic)
$1,300
2010
Volkswagen
Jetta 2.0L TDI SportWagen
(manual and automatic)
$1,300
2010
Volkswagen
Touareg 3.0L TDI
$1,150

[2010X5d]

Thanks for the list...Atlast some relief

[jaaX3]

Good job, Sherlock. This makes a bunch of happy people!

[e92law]

So is it the consensus that this is not applicable to a leased vehicle? In that case BMW would be claiming the credit? Thanks.

[X5_ATLAST]

Should I sign the contract before 12/31 to be able to get tax credit for FY2009 ?

Thanks

[tcfila]

Originally Posted by e92law

So is it the consensus that this is not applicable to a leased vehicle? In that case BMW would be claiming the credit? Thanks.

The leasing company would be eligible, so if you lease through BMWFS, then yes they would be claiming the credit.

[Craig]

Originally Posted by X5_ATLAST

Should I sign the contract before 12/31 to be able to get tax credit for FY2009 ?

Thanks

You can't take the credit until you take delivery. You will be able to claim it next year...

Craig

[2010X5d]

Originally Posted by Craig

You can't take the credit until you take delivery. You will be able to claim it next year...

Craig

If you take delivery next year, If you are eligible then you will be missing -Car Sales and Excise Tax Deduction

Car Sales and Excise Tax Deduction: Questions and Answers

[twssas]

I have an X5D, that I ordered Dec. 1st that just received a production number, and it is scheduled for a week 2 build (per BMW), so that means I probably won't get the vehicle until late January, so I will be missing out on the sales tax initiative, but hope that for my 2010 taxes that I file in 2011, I can get the $1800 tax credit.

Does anyone know if what I am saying is correct?

[ABMW]

Originally Posted by twssas

I have an X5D, that I ordered Dec. 1st that just received a production number, and it is scheduled for a week 2 build (per BMW), so that means I probably won't get the vehicle until late January, so I will be missing out on the sales tax initiative, but hope that for my 2010 taxes that I file in 2011, I can get the $1800 tax credit.

Does anyone know if what I am saying is correct?

What you're saying is correct to a point. If your X5 has been assigned VIN, then you can sign the purchase contract (at least at most dealerships) and take advantage of the multiple benefits that are available to you for your 2009 taxes.

Do all you can to sign your purchase contract by 12/31/09, if your tax burden is a concern to you. $1,800 credit + sales tax deduction is huge.