Is there a stimulus tax credit this yr. with new car purchases???

[Mr_Draco]

Originally Posted by Beach dude

Can I order the car and pay for it this year, then take delivery next year, to realize the sales tax deduction?

Nope. Car has to be registered in your name before December 31 and you can't do this until you take delivery of the car.

[CamaroFemme]

Originally Posted by BeckyD@RodgersChevrolet

Hurry, times running out. Car must be purchased by 12/31. Orders won't count.

Always workin', aren't you?

[lcmc]

Originally Posted by Beach dude

Can I order the car and pay for it this year, then take delivery next year, to realize the sales tax deduction?

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

Sure as long as you paid for it in full including taxes I wouldn't see why not.

[Beach dude]

Originally Posted by Mr_Draco

Nope. Car has to be registered in your name before December 31 and you can't do this until you take delivery of the car.

Well then, I need a 2SS/RS auto in SW with inferno orange interior, polished wheels, and remote start.

And I need it NOW.

[bub]

This only amounts to a couple hundred bucks, but I suppose it's better than a poke in the eye with a sharp stick.

Assume 7% tax on $49,500 limit at 28% tax bracket = $970 max. tax "savings"

Typical 6% tax on $25,000 typical with trade at 25% tax bracket = $375 typical tax "savings".

What a deal huh?

[bub]

Better off taking GM's $500 vs 60 day return guarantee before that expires...tonight...(I suspect it will be extended to at least 1/4 tho)

[slicker]

Originally Posted by bub

Better off taking GM's $500 vs 60 day return guarantee before that expires...tonight...(I suspect it will be extended to at least 1/4 tho)

it was extended to i belive jan 14 2010 that what my dealer said anyway

[5thGenOwner]

Originally Posted by Easy Go

Here's the details:

http://www.irs.gov/newsroom/article/...205863,00.html

Ah... California, thanks for your high sales taxes and blue skies!

[CamaroScotty]

And don't forget the discount program is being changed on January 5th. GMS will be more in line with Supplier on the Camaro.

December is the time to buy!

And Camaro's ordered now will be built the second or third week of January, AFTER the deadline. Find an IN STOCK UNIT by December 31st if you want to save the most $$$ !!!

[Buckbo]

Originally Posted by Beach dude

Can I order the car and pay for it this year, then take delivery next year, to realize the sales tax deduction?

It is based on when you take delivery since that's when you usually pay the sales tax. I don't think the dealer can send in the sales tax before the car arrives.

[Buckbo]

Originally Posted by kutch720

OK, I am in the Military and pay my taxes in Nebraska. I am stationed in Maine. So am I still eligible for this? I do not know to much about taxes. Is this for Federal tax or state tax? Any help would be AWESOME!!!!! Thanks guys.

It's a federal tax break. It will come off your gross income. If Nebraska has an income tax that uses your adjusted gross income from the federal form, you'll get that too.

[Trailbreaker77]

This will help me out this year just picked mine up last month.

[lcmc]

Originally Posted by Buckbo

It is based on when you take delivery since that's when you usually pay the sales tax. I don't think the dealer can send in the sales tax before the car arrives.

Not true. It is based on when YOU pay the tax. If your dealer will let you prepay then you qualify.

[Mr_Draco]

Originally Posted by lcmc

Not true. It is based on when YOU pay the tax. If your dealer will let you prepay then you qualify.

But you can't prepay until GM sends the dealer the paperwork which is usually just a couple days before the car arrives.