Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com
 
Vector Motorsports
Go Back   Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com > General Camaro Forums > Camaro Price | Ordering | Tracking | Dealers Discussions

Camaro Price | Ordering | Tracking | Dealers Discussions Discuss pricing and ordering experiences.

Reply
 
Thread Tools
Old 02-14-2009, 11:38 AM   #1
Rob53

 
Rob53's Avatar
 
Drives: 2012 2SS/RS VR Camaro convertible
Join Date: Oct 2008
Location: Fresno, Ca.
Posts: 755
Stimulus Tax break

From what information I have been able to find on the final passed version of the 787B stimulus bill, only the tax paid on the purchase price will be tax deductible for the tax year 2009. The interest paid on the loans will not be deductible. Considering that interest rates should be very low, the dollar amount paid on interest should not be a great deal of money anyway, unless you are financing 30K or more. I know that every little bit helps in tax relief, but at least the biggest chunk of change (state tax) will be a tax break for us. Here in the great Welfare State of California, I will pay nearly 3K tax on my 2SS/RS. So, that 3K comes right off the top of my taxable income for the year, next years tax time. Better than a poke in the eye I reckon.
Rob53 is offline   Reply With Quote
Old 02-14-2009, 11:44 AM   #2
LDGn63
 
LDGn63's Avatar
 
Drives: WNABEE
Join Date: Jan 2009
Location: DFW
Posts: 538
i cant imagine that will stimulate ENYONE to go buy a new car. its sorta like "if we dont do at least something, even more people will gripe"
better than a poke in the eye!
LDGn63 is offline   Reply With Quote
Old 02-14-2009, 11:55 AM   #3
Rob53

 
Rob53's Avatar
 
Drives: 2012 2SS/RS VR Camaro convertible
Join Date: Oct 2008
Location: Fresno, Ca.
Posts: 755
Tax break

I agree, not a lot of people are gonna run out and buy a new car for the tax break on the sales tax. I posted this more as an update to those of us already committed to buying a Camaro. I was buying regardless of any incentive, this is just a little icing on the cake, so to speak! BTW my dealer has told me that I should be getting the phone call this next week for placing my order with GM. I am #2 on a list of 13, each of which is an SS. He thinks mine will be on the first delivery, along with the guy ahead of me. I could very well be in my 2SS/RS ABM with white rally stripes, sunroof 6 spd/man in April or May. No promises, but a definite possiblity!
Rob53 is offline   Reply With Quote
Old 02-14-2009, 12:02 PM   #4
LDGn63
 
LDGn63's Avatar
 
Drives: WNABEE
Join Date: Jan 2009
Location: DFW
Posts: 538
good luck bro!
it WILL be FULLY AWESOME!
I'm using my tax break to get the heritage grill!
LDGn63 is offline   Reply With Quote
Old 02-14-2009, 12:11 PM   #5
infernoinandout
 
infernoinandout's Avatar
 
Drives: 2010 camaross/rs
Join Date: Jan 2009
Location: buffalo
Posts: 480
Wink work car

You can write off the interest and insurance on the car on your taxes by using the long form if you can say you use it for work, like sales to get around. I might go with interest each year and the sales tax the first year. I think I will not be driving it much to take fuel milage.
infernoinandout is offline   Reply With Quote
Old 02-14-2009, 01:07 PM   #6
Rodrunner
Senior Member
 
Rodrunner's Avatar
 
Drives: 2010 SS/RS, '06 350Z
Join Date: Oct 2008
Location: So. Maryland
Posts: 2,333
Stimulus? It's pretty insignificant next to the price reductions, rebates and low interest rates dealers are offering........but I'll take it!
__________________
2SS/RS - Black/Black - CGM Rally Stripes - Auto - VIN 10171
Rodrunner is offline   Reply With Quote
Old 02-14-2009, 01:13 PM   #7
The Great KJ
The Great KJ
 
The Great KJ's Avatar
 
Drives: 09 Challenger R/T & 05 Caravan
Join Date: Mar 2008
Location: Longmont Colorado
Posts: 478
Send a message via Yahoo to The Great KJ
So now go buy a foreign product, lol
__________________
Former Cars - 1980 Z28 / 1987 IROC-Z / 1991 Z28
The Great KJ is offline   Reply With Quote
Old 02-14-2009, 09:00 PM   #8
Jimmy
 
Jimmy's Avatar
 
Drives: 2010 2SS RS Camaro
Join Date: Dec 2008
Location: St. Louis, MO
Posts: 233
People who make more than $250,000 don’t get the sales tax deduction.
Jimmy is offline   Reply With Quote
Old 02-15-2009, 07:27 PM   #9
FAF
Member
 
FAF's Avatar
 
Drives: 2010 Camaro, 2008 Tundra
Join Date: Jan 2009
Location: Texas
Posts: 183
I haven't read the bill yet, I purchased a new Traverse in january and waiting on my camaro is there a chance I can deduct both sales tax or just one.
FAF
FAF is offline   Reply With Quote
Old 02-15-2009, 08:24 PM   #10
Txturbo
Keeper of the Faith
 
Txturbo's Avatar
 
Drives: 2001 Z28 Agressively
Join Date: Apr 2008
Location: Rosenberg,Texas
Posts: 1,383
Quote:
Originally Posted by FAF View Post
I haven't read the bill yet, I purchased a new Traverse in january and waiting on my camaro is there a chance I can deduct both sales tax or just one.
FAF
I would think you could deduct both, unless there is a cap on how much.
__________________

2010 Camaro SS R6P
2001 Camaro Z28
1969 Camaro SS clone

Txturbo is offline   Reply With Quote
Old 02-15-2009, 08:37 PM   #11
Adam
You Said Member
 
Drives: 2010 SIM 2LT Auto RS
Join Date: Feb 2009
Location: Why is this required?
Posts: 326
Quote:
Originally Posted by Jimmy View Post
People who make more than $250,000 don’t get the sales tax deduction.
That's for a couple making that much combined. A single person has a much lower threshold.
Adam is offline   Reply With Quote
Old 02-15-2009, 09:26 PM   #12
fireresq157

 
fireresq157's Avatar
 
Drives: 1997 SS & 2010 2SS/RS
Join Date: Aug 2006
Location: South Florida
Posts: 1,027
I'm in one of the 8 states without state income tax so were allowed to deduct general sales tax including car sales tax. So unless there is any other wording it does not benefit anyone in those 8 states.
fireresq157 is offline   Reply With Quote
Old 02-15-2009, 09:32 PM   #13
Optimus Prime
 
Optimus Prime's Avatar
 
Drives: 2014 Chevrolet Camaro 2SS/RS 1LE
Join Date: Jun 2008
Location: Tampa, FL
Posts: 685
Quote:
Originally Posted by fireresq157 View Post
I'm in one of the 8 states without state income tax so were allowed to deduct general sales tax including car sales tax. So unless there is any other wording it does not benefit anyone in those 8 states.
Good point. I wonder if we can deduct or not. Anyone know?
__________________
Current: 2014 BRM 2SS/RS 1LE w/NAV, NPP, Recaros

Former garage: 2010 IBM Camaro 2SS/RS 6M
2011 Avalanche LT
Optimus Prime is offline   Reply With Quote
Old 02-15-2009, 09:33 PM   #14
MerF
Go Rays!
 
MerF's Avatar
 
Drives: 03 Trailblazer
Join Date: May 2007
Location: St Pete, Florida
Posts: 2,537
I'm slightly peeved about the tax breaks for the new-home purchases, since I just closed on my first new house. Oh well, I missed the bus...at least I have a home!

Also, this stinks for the folks holding out for ragtops....but at least we'll have out ragtops...eventually...I hope.
MerF is offline   Reply With Quote
Old 02-15-2009, 09:51 PM   #15
Jimmy
 
Jimmy's Avatar
 
Drives: 2010 2SS RS Camaro
Join Date: Dec 2008
Location: St. Louis, MO
Posts: 233
Source RIA:

New Law. The 2009 Recovery Act provides that qualified motor vehicle taxes are deductible either as part of the standard deduction or as an itemized deduction.

For these purposes, qualified motor vehicle taxes are any state or local sales or excise tax imposed on the purchase of a qualified motor vehicle.

The deduction is limited to the amount of qualified motor vehicle taxes attributable to the first $49,500 of the purchase price (purchase price limitation).

The amount of taxes treated as qualified motor vehicle taxes that can be taken as a deduction is phased out ratably for a taxpayer with modified adjusted gross income (AGI) between $125,000 and $135,000 ($250,000 and $260,000 on a joint return). Specifically the amount otherwise deductible (after application the purchase price limitation) is reduced (but not below zero) by the amount that bears the same ratio to allowable qualified motor vehicle taxes as the excess (if any) of the taxpayer's modified AGI for the tax year over $125,000 ($250,000 in case of a joint return), bears to $10,000.

For this purpose, modified AGI means the taxpayer's AGI determined without regard to Code Sec. 911 (citizens or residents of the US living abroad), Code Sec. 931 (income from sources within Guam, American Samoa, or the Northern Mariana Islands) and Code Sec. 933 (income from sources with Puerto Rico).

Illustration 1: Taxpayer purchases a car for $25,000 in a locality that imposes a 6% sales tax. The Taxpayer's modified AGI is $130,000. The qualified motor vehicle tax is $1,500. The purchase price limitation does not apply. However, since the taxpayer's modified AGI exceeds $125,000 by $5,000, the taxpayer's qualified motor vehicle tax deduction is reduced by $750 ($1,500 x $5,000/$10,000). Thus, a $750 qualified motor vehicle tax deduction is permitted.

Illustration 2: Taxpayer purchases a car for $25,000 in a locality that imposes a 6% sales tax. The taxpayer's modified AGI is $135,000. The qualified motor vehicle tax is $1,500. The purchase price limitation does not apply. However, since the taxpayer's modified AGI exceeds $125,000 by $10,000 the taxpayer's qualified motor vehicle tax deduction is reduced by $1,500 ($1,500 x $10,000/$10,000). Thus, no deduction is permitted in this case.

A qualified motor vehicle is:

a passenger automobile or light truck (as defined in title II of the Clean Air Act), or motorcycle (within the meaning of 49 CFR 571.3) the gross vehicle weight rating of which is not more than 8,500 pounds and the original use of which begins with the taxpayer, and
a motor home (within the meaning of 49 CFR 571.3) the original use of which begins with the taxpayer. (Code Sec. 164(b)(6)(D) )
RIA observation: For definitions under title II of the Clear Air Act (42 USC 7521 et seq.), see FTC 2d/Fin ¶L-18024.1; TaxDesk ¶397,106; . 49 CFR §571.3 relates to the Federal Motor Vehicle Safety Standards definitions.
Qualified motor vehicle taxes are not treated as part of the cost of the acquired property or, in the case of a disposition, as a reduction in the amount realized on the disposition. (Code Sec. 164(b)(6)(E) )

A deduction of qualified motor vehicle taxes is not allowed for taxpayers who make an election under Code Sec. 163(b)(5) to deduct state sales tax in lieu of state income tax. (Code Sec. 164(b)(6)(F) )

In addition, the qualified motor vehicle component of the standard deduction is allowed as a deduction for AMT purposes. (Code Sec. 56(b)(1)(E) as amended by 2009 Recovery Act §1008(d))

The above provisions do not apply to purchases after Dec. 31, 2009. (Code Sec. 164(b)(6)(G) )

Effective: For purchases of qualified motor vehicles on or after date of enactment in tax years ending after that date (2009 Recovery Act §1009(e)) and before Jan. 1, 2010. (Code Sec. 164(b)(6)(G) )
Jimmy is offline   Reply With Quote
Old 06-15-2009, 05:42 AM   #16
wilson
Banned
 
Drives: it s a wonderfull car
Join Date: Jun 2009
Location: US
Posts: 1
Well,

If it is other than a “Tax Lien Certificate” sale, then if you have purchased the tax deed sale, then you will not be liable against any kind of tax liens, deeds or mortgages of the trust that is drawn on the land that you have purchased. Here you will be purchasing the deed to the property and the deed will be entirely clear and free from any other documents and will be free from all the problems.
wilson is offline   Reply With Quote
Old 06-15-2009, 07:15 AM   #17
Buckbo
 
Buckbo's Avatar
 
Drives: 2010 Camaro
Join Date: Jan 2009
Location: Wilmington,Delaware
Posts: 428
Quote:
Originally Posted by Rob53 View Post
From what information I have been able to find on the final passed version of the 787B stimulus bill, only the tax paid on the purchase price will be tax deductible for the tax year 2009. The interest paid on the loans will not be deductible. Considering that interest rates should be very low, the dollar amount paid on interest should not be a great deal of money anyway, unless you are financing 30K or more. I know that every little bit helps in tax relief, but at least the biggest chunk of change (state tax) will be a tax break for us. Here in the great Welfare State of California, I will pay nearly 3K tax on my 2SS/RS. So, that 3K comes right off the top of my taxable income for the year, next years tax time. Better than a poke in the eye I reckon.
Is it tax deductable on the short form or do you have to itemize?
Buckbo is offline   Reply With Quote
Old 06-15-2009, 09:28 AM   #18
Mr_Draco


 
Mr_Draco's Avatar
 
Drives: 2SS/RS
Join Date: Sep 2008
Location: Western North Carolina
Posts: 6,354
Quote:
Originally Posted by Buckbo View Post
Is it tax deductable on the short form or do you have to itemize?
You do NOT have to itemize to get the deduction.
Mr_Draco is offline   Reply With Quote
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Senate votes to give a tax break to new car buyers 69 rs/ss Camaro Price | Ordering | Tracking | Dealers Discussions 33 02-08-2009 02:56 PM
Proposed Bill to give New car buyers tax break GothamCamaro General Automotive + Other Cars Discussion 63 01-22-2009 02:48 PM


All times are GMT -5. The time now is 08:02 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.