Alternative Vehicle Credit?
My husband and I bought a hybrid car on 9/2009 in our names. We were told that we would get an alternative vehicle credit (1,700) and sales/excise tax credit on our 2009 taxes. My husband also has a corporation of which he is 100% shareholder that owns a taxi medallion (license) allowing him to use the hybrid car as taxi.
The title of the car is under our individual names. The medallion in the corporation’s name. In order to get the credit for the alternative vehicle credit and excise, I am told that we need to file it under our individual taxes (filed jointly). Can we do that? The use of the car is business transporation as a taxi. That being the case, can we still depreciate the car on our corporation tax return?
Please advise. Thank you in advance.