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Old 08-24-2009, 11:37 AM   #1
stefan5464
 
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2009 Tax Write Off for your New Camaro!

As a part of the Federal Recovery Stimulas Package...
If you have purchased your new 2010 Camaro (or any new car purchase..but why get anything else) between February 16, 2009 and January 1, 2010 and pay SALES or LOCAL or EXCISE taxes ,up to $49,000, on your car AND you make less that $125,000 per year in income..YOU CAN GET A FULL TAX CREDIT on you 2009 FEDERAL INCOME TAXES.

IE... $40,000 CAR X 6%(Sales Tax) = $2,400 $2,400 can be FULL TAX CREDIT on 2009 Federal Income Taxes

This is also in addition to Cash for Clunkers as well...
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Old 08-24-2009, 11:42 AM   #2
homerlex
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I thought it was a deduction (not a full credit). Do you have an "official" document that says its a full credit?
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Old 08-24-2009, 11:45 AM   #3
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It's a deduction from your taxable income, not a credit.

Multiply your tax bracket and your sales tax to find out your true savings.
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Old 08-24-2009, 06:32 PM   #4
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As a resident of WA state, we already get to deduct sales tax, including sales tax on vehicles. No win for me. Unless I get to deduct it twice!

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Old 08-24-2009, 06:43 PM   #5
Red Rocket
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Quote:
Originally Posted by Teddydog View Post
As a resident of WA state, we already get to deduct sales tax, including sales tax on vehicles. No win for me. Unless I get to deduct it twice!

Rob
That's a bummer. Surely, we can get an extra bonus in there somewhere.
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Old 08-24-2009, 06:47 PM   #6
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Here's the actual wording that I found on the IRS website:

"The American Recovery and Reinvestment Act of 2009 provides a deduction for state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes and motorcycles through 2009. It also provides for the deduction of other taxes or fees paid in states with no sales tax. The deduction is available regardless of whether a taxpayer itemizes deductions on Schedule A.

Purchases before Feb. 17, 2009, are not eligible for this special deduction.

The deduction is limited to the tax on up to $49,500 of the purchase price of an eligible motor vehicle. The deduction is phased out for joint filers with modified adjusted gross income between $250,000 and $260,000 and other taxpayers with modified AGI between $125,000 and $135,000."
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Old 08-24-2009, 07:21 PM   #7
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it's a deduction and not a credit and this subject has been posted numerous times since the topic arose. search button is a useful tool.
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Old 08-24-2009, 07:41 PM   #8
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Excise tax is a property tax and was always deductible from income. At least I get the tax deduction too!
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