If you bought a hybrid car or suv this year, you may be eligible for the federal tax credit on hybrid cars. When claiming your hybrid tax credit, make sure you fill out the right form.
Form 8910, Alternative Motor Vehicle Credit, is used to claim the qualified hybrid vehicle credit as well as for vehicles qualifying for other provisions of the alternative motor vehicle credit.
If the qualifying hybrid vehicle is purchased for business use, the credit for the business use of a qualifying hybrid vehicle is reported on Form 3800, General Business Credit.
For qualifying hybrid vehicles acquired for personal use, the credit is reported on the appropriate line of the taxpayer’s Form 1040, U.S. Individual Income Tax Return.Update: Looking for more information? Follow the link to more information on the 2007 Hybrid Car Tax Credit.