prew

iTrader: (9)

hey guys. i'm an accountant, as you can imagine i have been preparing countless tax returns lately. i stumbled on this form in the program we use the other day. it says that methanol is one of the alcohols that qualify, and that you can take the credit if you combine it with gasoline and use it as fuel.

http://www.irs.gov/pub/irs-pdf/f6478.pdf

the credit that it gives you will not reduce your income but will reduce your overall tax. it should show up on line 55 of the second page of your 1040 under other credits.

i am not 100% sure if this will work as i doubt this is what the credit is intended for. but if i had meth injection i would at least fill out the form to see what kind of credit it gave me.

stylEmon

iTrader: (2)

cool, thanks for the info!!!

jgrewe

iTrader: (1)

What about using methanol to make biodiesel? I'm combining it with used cooking oil and KOH to run in my Dodge truck, does that qualify?

Rotary4tw

iTrader: (3)

There are three groups for this credit:

* Alcohol mixture credit,
* Alcohol credit, and
* Small ethanol producer credit.

The two applicable groups (excluding the producer credit), have a requirement that is important to note.

"Used as a fuel in a trade or business."

This credit won't likely be available for 99.9% of our members. This is a deduction you might want to look into if you are using meth or alchy AI on a work vehicle. If you are not already claiming business deductions for your car(s), I wouldn't worry about this.

I would not recommended this. :

prew

iTrader: (9)

well thanks lawyer pants. i did not read the 'for business' in the third group.