2009 New Vehicle Sales Tax income return credit - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

topgun1 · 06-20-2009, 03:44 PM

So I know there is some sort of sales tax credit on your 2009 Income Tax returns. My dealer actually didn't know about it. I am sure it is for NEW vehicle purchases in the 2009 calendar year, what I'm not sure of is 1) Does this cover the entire sales tax or is there a limited credit? and 2) What if you have ordered in 2009 but you officially may not purchase or take delivery of the car until 2010? This will happen to alot of folks and wanted to see if anyone knew the situation on this. any info would be a great help! Writing off the sales tax on a $40K car would be a nice chunk of change.

LnLSS · 06-20-2009, 05:53 PM

is a wonderful option. Here I did one for you and here is one of the returns:

http://www.camaro5.com/forums/showth...2tax+credit%22

DDustiNN · 06-20-2009, 06:15 PM

I believe you must take delivery this year.

chevyridinghigh · 06-20-2009, 06:31 PM

I guess being an accountant means I should answer this. The tax credit is for up to 49,500 on the purchise price of a new car, and only applies if the purchase was completed between feb 17, 09 and dec 31, 09. Completed meaning you have the car paper work signed. The credit phases out if you make something like 135k for individuals and double for couple. My number on the income limit is give or take 10k.

mws444 · 06-20-2009, 06:44 PM

Figures, another tax brake I get phased out of. By the time this admin is done I might as well just shut down my business and live on the goverment tit. Might actually end up with more disposible income.

Homanue1 · 06-20-2009, 08:03 PM

A quick search on IRS.gov brought me to the url below. As you'll see, the tax deduction also applies even if you don't pay sales tax, i.e. Delaware like me. In Delaware you pay a 3.25% title fee. This fee would be deductible on your 2009 returns. for more info check out:

http://www.irs.gov/newsroom/article/...html?portlet=7

erasedgod · 06-20-2009, 08:23 PM

Quote:

Originally Posted by mws444

Figures, another tax brake I get phased out of. By the time this admin is done I might as well just shut down my business and live on the goverment tit. Might actually end up with more disposible income.

That sucks. I've been paying a lot less in taxes with Obama's tax cuts than I did prior.

topgun1 · 06-21-2009, 08:24 AM

Quote:

Originally Posted by LnLSS

is a wonderful option. Here I did one for you and here is one of the returns:

http://www.camaro5.com/forums/showth...2tax+credit%22

Yep, thanks, did that already, but doesn't answer the 2nd part of the question about when you have one on order (put a down payment on it) but not technically purchased and may pass Jan 1 2010 before you officially take delivery.

topgun1 · 06-21-2009, 08:26 AM

Thanks to all with the help on the question of time of delivery/purchase. I'm going to have hound my dealer (not that it will likely help) to get this car in before New Years! I definitely do not have to worry about the tax break being phased out on my income!

ItIsWhatItIs · 06-21-2009, 08:35 AM

Quote:

Originally Posted by erasedgod

That sucks. I've been paying a lot less in taxes with Obama's tax cuts than I did prior.

I've heard (not sure) that what you are saving this year must be declared as taxable income next year. Need an accountant to help out on this one.

quickdraw · 06-21-2009, 01:21 PM

Quote:

Originally Posted by mws444

Figures, another tax brake I get phased out of. By the time this admin is done I might as well just shut down my business and live on the goverment tit. Might actually end up with more disposible income.

gtjacket · 06-21-2009, 03:00 PM

Quote:

Originally Posted by erasedgod

That sucks. I've been paying a lot less in taxes with Obama's tax cuts than I did prior.

NM

ClevelandPlasma · 06-21-2009, 04:46 PM

Quote:

Originally Posted by mws444

Figures, another tax brake I get phased out of. By the time this admin is done I might as well just shut down my business and live on the goverment tit. Might actually end up with more disposible income.

I hear ya. I missed out on the tax break for home buyers too.

06-20-2009, 03:44 PM	#1
topgun1 Drives: 10 SIM 2SS/RS LS3 Join Date: May 2008 Location: Winston-Salem, NC Posts: 1,939 View My Garage	2009 New Vehicle Sales Tax income return credit So I know there is some sort of sales tax credit on your 2009 Income Tax returns. My dealer actually didn't know about it. I am sure it is for NEW vehicle purchases in the 2009 calendar year, what I'm not sure of is 1) Does this cover the entire sales tax or is there a limited credit? and 2) What if you have ordered in 2009 but you officially may not purchase or take delivery of the car until 2010? This will happen to alot of folks and wanted to see if anyone knew the situation on this. any info would be a great help! Writing off the sales tax on a $40K car would be a nice chunk of change. __________________ 5th Gen Camaros of the Carolinas SIM, 2SS/RS LS3 5/7/11 453.9 RWHP 427.5 RWTQ VMS Stage 2.5 Comp Cams kit, Cold Air Inductions intake, ADM race scoop, DT 1 3/4" headers, Solo cats, 3" Magnaflow catback, Pypes cutouts, HP tune, H&R SuperSport springs, Eibach sways/spacers, TexasSpeed UD pulley, LSR tensioner pulley, Barton shifter, skip shift eliminator, powder-coated calipers, R1 concept rotors, StopTech pads, Granatelli wires, Lloyds mats, tint, AAC afterburner taillamps, AAC scanner/sidemarkers, SRP pedals, custom engine cover, black bowties, Ridergraphix hood spears.... Last edited by topgun1; 06-20-2009 at 04:09 PM.

06-20-2009, 06:31 PM	#4
chevyridinghigh The Bowtie Is Back Drives: 2010 Silver Camaro SS/RS -Blk Int. Join Date: May 2009 Location: Westchester County, NY Posts: 655	I guess being an accountant means I should answer this. The tax credit is for up to 49,500 on the purchise price of a new car, and only applies if the purchase was completed between feb 17, 09 and dec 31, 09. Completed meaning you have the car paper work signed. The credit phases out if you make something like 135k for individuals and double for couple. My number on the income limit is give or take 10k. __________________ 2SS RS SIM M6 with Polish Silver wheels

06-20-2009, 08:03 PM	#6
Homanue1 Drives: 2010 IBM Camaro Join Date: Jun 2009 Location: Philadelphia Posts: 9 View My Garage	Tax Break A quick search on IRS.gov brought me to the url below. As you'll see, the tax deduction also applies even if you don't pay sales tax, i.e. Delaware like me. In Delaware you pay a 3.25% title fee. This fee would be deductible on your 2009 returns. for more info check out: http://www.irs.gov/newsroom/article/...html?portlet=7

06-21-2009, 08:26 AM	#9
topgun1 Drives: 10 SIM 2SS/RS LS3 Join Date: May 2008 Location: Winston-Salem, NC Posts: 1,939 View My Garage	Thanks to all with the help on the question of time of delivery/purchase. I'm going to have hound my dealer (not that it will likely help) to get this car in before New Years! I definitely do not have to worry about the tax break being phased out on my income! __________________ 5th Gen Camaros of the Carolinas SIM, 2SS/RS LS3 5/7/11 453.9 RWHP 427.5 RWTQ VMS Stage 2.5 Comp Cams kit, Cold Air Inductions intake, ADM race scoop, DT 1 3/4" headers, Solo cats, 3" Magnaflow catback, Pypes cutouts, HP tune, H&R SuperSport springs, Eibach sways/spacers, TexasSpeed UD pulley, LSR tensioner pulley, Barton shifter, skip shift eliminator, powder-coated calipers, R1 concept rotors, StopTech pads, Granatelli wires, Lloyds mats, tint, AAC afterburner taillamps, AAC scanner/sidemarkers, SRP pedals, custom engine cover, black bowties, Ridergraphix hood spears....

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06-20-2009, 05:53 PM	#2
LnLSS Mid-Florida Camaro Club Drives: 2015 Red Hot ZL1 Join Date: Jul 2007 Location: Orlando Fla Posts: 2,581 View My Garage	is a wonderful option. Here I did one for you and here is one of the returns: http://www.camaro5.com/forums/showth...2tax+credit%22

06-20-2009, 06:15 PM	#3
DDustiNN Drives: Cars Join Date: Feb 2009 Location: N/A Posts: 1,986	I believe you must take delivery this year.

06-20-2009, 06:44 PM	#5
mws444 Drives: 701 RWHP Lingenfelter/Pedders Beast Join Date: Apr 2009 Location: El Paso Posts: 2,973	Figures, another tax brake I get phased out of. By the time this admin is done I might as well just shut down my business and live on the goverment tit. Might actually end up with more disposible income.