"The deduction for this property may be claimed regardless of whether the property is used in a trade or business."

Keep the receipts - according to this you should get your installation costs back as well:

"Any property installed on a motor vehicle (including installation costs) to enable it to be propelled by a clean-burning fuel*."
"For vehicles that may be propelled by both a clean-burning fuel* and any other fuel, your deduction is generally the additional cost of permitting the use of the clean-burning fuel."

* The IRS defines Hydrogen as one of several "clean-burning fuels."

You can get back up to $2,000 for a car, or up to $50,000 for a truck!!! Isn't that amazing?


The text below is not written by us, it's copied word for word out of the new IRS code:


"Deduction limit. The maximum deduction you can claim for qualified clean-fuel vehicle property with respect to any motor vehicle is one of the following.
1. $50,000 for a truck or van with a gross vehicle weight rating over 26,000 pounds or for a bus with a seating capacity of at least 20 adults (excluding the driver).
2. $5,000 for a truck or van with a gross vehicle weight rating over 10,000 pounds but not more than 26,000 pounds.
3. $2,000 for a vehicle not included in (1) or (2)."
 
Make a Free Website with Yola.