This one-time deduction must be taken in year vehicle is originally used. The taxpayer must be original owner. Individuals do not have to itemize deductions on their tax return to claim this deduction. This benefit can be taken as an adjustment to income on Form 1040.

The amount of deduction for Toyota Highlander Hybrid was set after manufacturer, Toyota Motor Sales, U.S.A., Inc. documented for IRS incremental cost related to vehicle’s electric motor and related equipment.

A $2,000 tax deduction? I’m off to my local Toyota dealer!

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This information is posted by : Niraj Kumar jha for http://www.allactiontrade.com WebMaster Team

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