2009 Tax Write Off - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

McGruff · 07-07-2009, 10:54 PM

I've been hearing that Obama passed a bill in February that with any new car purchase in Feb-Dec 2009..."car buyers will be able to write off auto loan interest on their taxes".

Is that just for 2009 or the life of the payments?

JoeMattRay · 07-07-2009, 11:07 PM

Quote:

Originally Posted by McGruff

I've been hearing that Obama passed a bill in February that with any new car purchase in Feb-Dec 2009..."car buyers will be able to write off auto loan interest on their taxes".

Is that just for 2009 or the life of the payments?

It is actually the sales tax paid on the new car that is deductible, not the loan interest.

kga10734 · 07-07-2009, 11:18 PM

I live in a state that doesn't have a state income tax only a local sales tax. So I have been able to write off the sales tax for the last 2 cars I have bought. I guess this will be the 3rd one unless they change our tax laws before the end of the year.

SlingShot · 07-07-2009, 11:21 PM

There are other variables involved .... You have to trade in a car that has a min combined gas mileage that is something like 21mpg .... You need to go to the IRS site to get all the numbers and forms to see what qualifies ...

http://www.edmunds.com/industry-car-...-clunkers.html

Supermans · 07-07-2009, 11:22 PM

I bought 2 new cars this year.. Hope they both will qualify come tax time next April..

McGruff · 07-07-2009, 11:35 PM

Quote:

There are other variables involved .... You have to trade in a car that has a min combined gas mileage that is something like 21mpg .... You need to go to the IRS site to get all the numbers and forms to see what qualifies ...

This has nothing to do with Cash for Clunkers. It applies for any new passenger car bought in 2009 after February.

Arch · 07-07-2009, 11:36 PM

Quote:

Originally Posted by SlingShot

There are other variables involved .... You have to trade in a car that has a min combined gas mileage that is something like 21mpg .... You need to go to the IRS site to get all the numbers and forms to see what qualifies ...

http://www.edmunds.com/industry-car-...-clunkers.html

all new cars qualify for the tax deduction.. but only up to $60,000 (I believe). They arent talking about the cash for clunkers law that was JUST passed.

SlingShot · 07-07-2009, 11:39 PM

Sry .... Try this one

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

Killer Bee · 07-08-2009, 12:26 AM

Yeah, I couldn't believe that three dealerships I visited had no idea that this even existed. I sent the same link to my salesman after I bought my car because he and the finance manager didn't have a clue. It is a shame that with all the problems these companies are having with profitability that even their finance people don't keep track of significant incentives developed to help them survive.

GreendaleSRT4 · 07-08-2009, 04:01 AM

Another helpful link, with some FAQ:

http://www.soundmoneymatters.com/new-car-tax-credit/

Augie1978 · 07-08-2009, 06:04 AM

There are also income retrictions. I think it is phased out if you and your spouse earn over $250,000.

nards444 · 07-08-2009, 11:07 AM

is it claimed on your federal taxes or state? i would think federal since its a federal policy

GreendaleSRT4 · 07-08-2009, 11:36 AM

Quote:

Originally Posted by nards444

is it claimed on your federal taxes or state? i would think federal since its a federal policy

UPDATE: It's a federal credit (or deduction - however you want to view it...). Here's Wisconsin's take on it (scroll way down to "Deduction for Sales Tax on Automobile Purchases").

http://www.revenue.wi.gov/news/090316a.html

I wonder how many Camaro owners on this forum are unaware of this credit...sticky this thread maybe?...

Mr_Draco · 07-08-2009, 12:06 PM

Quote:

Originally Posted by GreendaleSRT4

It's a state credit. So, check your State's IRS website to make sure you're eligible.

I wonder how many Camaro owners on this forum are unaware of this credit...sticky this thread maybe?...

It's a DEDUCTIBLE not a credit. These are two different things.

The amount paid is filed on your federal tax return, not your state.

07-07-2009, 10:54 PM	#1
McGruff Drives: 98 Saturn Join Date: May 2009 Location: Fargo, ND Posts: 211	2009 Tax Write Off I've been hearing that Obama passed a bill in February that with any new car purchase in Feb-Dec 2009..."car buyers will be able to write off auto loan interest on their taxes". Is that just for 2009 or the life of the payments?

07-07-2009, 11:18 PM	#3
kga10734 Don't Feed the Troll Drives: 2010 Camaro 2LT/RS & 1999 Corvette Join Date: Jun 2009 Location: Montgomery, TX Posts: 774	I live in a state that doesn't have a state income tax only a local sales tax. So I have been able to write off the sales tax for the last 2 cars I have bought. I guess this will be the 3rd one unless they change our tax laws before the end of the year. __________________

07-07-2009, 11:22 PM	#5
Supermans Camaro & Stang Enthusiast Drives: 2011 Mustang 5.0 in Kona Blue Join Date: Mar 2008 Location: Miami Posts: 4,752 View My Garage	I bought 2 new cars this year.. Hope they both will qualify come tax time next April.. __________________ Bought my Camaro from Eric Hall(817) 421-7266

07-08-2009, 12:26 AM	#9
Killer Bee Drives: 2SS/RS, IOM/IOM Interior, SR Join Date: Jul 2009 Location: Tucson, Arizona Posts: 94	Yeah, I couldn't believe that three dealerships I visited had no idea that this even existed. I sent the same link to my salesman after I bought my car because he and the finance manager didn't have a clue. It is a shame that with all the problems these companies are having with profitability that even their finance people don't keep track of significant incentives developed to help them survive. __________________ Killer Bee 2SS/RS, IOM/IOM, LS3, Sunroof, Carbon Fiber Hood & Rear Spoiler, Ram Air, Electric Cutouts & Megan Fox in the Passenger Seat 9/10/09: Delivered!

07-08-2009, 04:01 AM	#10
GreendaleSRT4 Drives: 2012 Camaro SS Convertible Join Date: Jun 2009 Location: Greendale, WI Posts: 283 View My Garage	Another helpful link, with some FAQ: http://www.soundmoneymatters.com/new-car-tax-credit/ __________________ 2010 Camaro 2SS - NKNVGB - 2G1FT1EW1A9130132_______2012 Camaro 2SS Convertible - PVNT3M - VIN #? Target Production Week (3000): 7/20/09 WAS: 7/27/09______(1100) - 8/19/11 Order Broadcast (3400): 7/20/09________________________(1102) - 8/19/11 "4B" status: 7/30/09"42" Shipped!: 7/31/09 Train "drop-off": 8/4/09 ETA Customer: 8/7/09 Delivered (6000): 8/7/09_______________________________(3400) - 9/16/11 TPW 9/19

07-07-2009, 11:21 PM	#4
SlingShot Drives: 2012 ZL1 - #670 Join Date: Jun 2009 Location: Seminole, Fl. Posts: 8,009	There are other variables involved .... You have to trade in a car that has a min combined gas mileage that is something like 21mpg .... You need to go to the IRS site to get all the numbers and forms to see what qualifies ... http://www.edmunds.com/industry-car-...-clunkers.html

07-07-2009, 11:39 PM	#8
SlingShot Drives: 2012 ZL1 - #670 Join Date: Jun 2009 Location: Seminole, Fl. Posts: 8,009	Sry .... Try this one http://www.irs.gov/newsroom/article/...205863,00.html

07-08-2009, 06:04 AM	#11
Augie1978 Drives: 2011 2SS RS Vert Join Date: May 2009 Location: Central Illinois Posts: 621	There are also income retrictions. I think it is phased out if you and your spouse earn over $250,000. __________________ 2SS RS, Triple Black Vert, Manual, Hurst Shifter. American Racing Headers, Roto-Fab CAI

07-08-2009, 11:07 AM	#12
nards444 Drives: 1SS/RS Black Join Date: May 2009 Location: New york Posts: 2,123 View My Garage	is it claimed on your federal taxes or state? i would think federal since its a federal policy __________________ 2010 1SS/RS Black, CGM stripes, polished Rims, Tinted windows, Hurst shifter

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
GM Card earnings	metalman	Camaro Price \| Ordering \| Tracking \| Dealers Discussions	40	01-22-2010 02:55 PM
Northeast Auto Show Schedule- Help!	WAY2FAST	USA - NY / NJ / PA	9	07-18-2009 09:56 PM
Consensus Feb 6th Plus lots of other key dates	UCF w00t	5th Gen Camaro SS LS LT General Discussions	16	01-22-2009 11:39 PM