In a pickle...

sylenze · 05-04-2009, 11:08 AM

just to make sure i understand this correctly...isn't this tax deductible only to lower your taxable income... i believe you do not get a full refund of the taxes you paid on the car... nontheless, i think it will still get you savings...especially with the raised taxes in CA..

ChrisSlicks · 05-04-2009, 11:25 AM

Quote:

Originally Posted by sylenze

just to make sure i understand this correctly...isn't this tax deductible only to lower your taxable income... i believe you do not get a full refund of the taxes you paid on the car... nontheless, i think it will still get you savings...especially with the raised taxes in CA..

Correct, it's a deduction. Basically you can expect to recuperate about 30% (depending on your taxable income) of the amount you paid in local and state sales tax and excise tax.

05-04-2009, 11:08 AM	#1 (permalink)
sylenze Base Member Join Date: Mar 2009 Location: So Cal/SB county Posts: 222 Drives: 370z 6mt+SP PG Rep Power: 18	just to make sure i understand this correctly...isn't this tax deductible only to lower your taxable income... i believe you do not get a full refund of the taxes you paid on the car... nontheless, i think it will still get you savings...especially with the raised taxes in CA..