Tax Break for new car buyers

XxJoselitoxX · 02-04-2009, 03:56 PM

hey guys I heres an interesting article

The Associated Press: Senate votes to give a tax break to new car buyers
According to the article "A couple would save an estimated $1,553 on a new $25,000 car, aides said."

So I have a question because I am not entirely sure how this would work if someone could clarify.

Brazilbro · 03-28-2009, 07:49 PM

when u file your taxes for 2009 u just clam u bought a new car ect ect, and they send you a check, i bought a new home last yr and got 7500 tax fee load since im a first timer that i got through my tax return

Forrest · 04-02-2009, 03:34 PM

IRS makes deductible sales tax on new autos official

Quote:

PRESS RELEASE:

Special Tax Break Available for New Car Purchases This Year

IR-2009-30, March 30, 2009

WASHINGTON - The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.

"For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year," said IRS Commissioner Doug Shulman. "This deduction enables taxpayers to buy now and get cash back later on their tax returns."

The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.

The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.

IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.

The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.

ZzzZz · 04-02-2009, 03:45 PM

Sux I bought a couple days before... on Feb. 14!!!!!!!!!!!!!!!!!!!!!!!! ARRGGH

Quote:

IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.

migy28 · 04-13-2009, 10:02 AM

do u have to give them the recite for car?

02-04-2009, 03:56 PM	#1 (permalink)
XxJoselitoxX Base Member Join Date: Jan 2009 Location: Orlando Florida Age: 36 Posts: 19 Drives: E34 530i, Sequioa Rep Power: 301	Tax Break for new car buyers hey guys I heres an interesting article The Associated Press: Senate votes to give a tax break to new car buyers According to the article "A couple would save an estimated $1,553 on a new $25,000 car, aides said." So I have a question because I am not entirely sure how this would work if someone could clarify.

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03-28-2009, 07:49 PM	#2 (permalink)
Brazilbro A True Z Fanatic Join Date: Mar 2009 Location: Indianapolis, IN Posts: 1,131 Drives: Juke/240Z Rep Power: 850	when u file your taxes for 2009 u just clam u bought a new car ect ect, and they send you a check, i bought a new home last yr and got 7500 tax fee load since im a first timer that i got through my tax return

04-13-2009, 10:02 AM	#5 (permalink)
migy28 Base Member Join Date: Mar 2009 Location: vancouver Posts: 32 Drives: 06 nissan 350z cs m6 Rep Power: 18	do u have to give them the recite for car?