My take on this is that it won't work. You will (likely) have claimed a small tax credit when you leased the car. Going back to the well when you buy out the lease seems very unlikely to work. Perhaps you can persuade the Department of Revenue to allow it, but there doesn't seem to be any language in the actual law that would allow you to double-dip when buying out a lease.MikeinDenver wrote:Instead of starting a whole new thread I figured I would ask in here. Has anyone purchased the vehicle either during the lease or at lease end? If you did were you able to claim any additional tax credits? Reading the Income 67 document I don't see anything related to this. The document only mentions the inability to claim it if a prior owner has already claimed it. But in this case there would be no prior "owner" besides you that have claimed anything. Thoughts?
Nice idea, but I don't think it will fly... Would be nice though: lease to get benefit of the federal tax credit then buy out lease to get a larger Colorado tax credit. Perhaps if you don't claim the credit on leasing but claim it later you could use the "used car" rules instead.