07-07-2009, 10:54 PM | #1 |
Drives: 98 Saturn Join Date: May 2009
Location: Fargo, ND
Posts: 211
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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, 11:07 PM | #2 |
It is actually the sales tax paid on the new car that is deductible, not the loan interest.
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07-07-2009, 11:18 PM | #3 |
Don't Feed the Troll
Drives: 2010 Camaro 2LT/RS & 1999 Corvette Join Date: Jun 2009
Location: Montgomery, TX
Posts: 774
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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.
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07-07-2009, 11:21 PM | #4 |
Drives: 2012 ZL1 - #670 Join Date: Jun 2009
Location: Seminole, Fl.
Posts: 8,009
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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, 11:22 PM | #5 |
Camaro & Stang Enthusiast
Drives: 2011 Mustang 5.0 in Kona Blue Join Date: Mar 2008
Location: Miami
Posts: 4,752
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I bought 2 new cars this year.. Hope they both will qualify come tax time next April..
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Bought my Camaro from Eric Hall(817) 421-7266
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07-07-2009, 11:35 PM | #6 | |
Drives: 98 Saturn Join Date: May 2009
Location: Fargo, ND
Posts: 211
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Quote:
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07-07-2009, 11:36 PM | #7 | |
Drives: 2010 Chevy Camaro 2SS/RS CGM Join Date: May 2009
Location: Central NY
Posts: 81
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Quote:
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1100, Preliminary order accepted - (4/26/09) 2000, Order accepted by GM - (5-25-09) 2500, Order preferenced (5-26-09) 3000, Order accepted by production control (5-27-09) 3100, Order available to sequence (06-19-09) 3300, Order scheduled for production (6-19-09 TPW 6/29 3400, Order broadcast (06-26-09) 3800, Order produced (07-02-09) VIN#2G1FK1EJ0A9123941 4000, Available to ship (07-02-09) 4104, Bailment Invoice (07-03-09) 4200, Shipped (7-07-09) 6000, Delivered to the customer (7-09-09) |
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07-07-2009, 11:39 PM | #8 |
Drives: 2012 ZL1 - #670 Join Date: Jun 2009
Location: Seminole, Fl.
Posts: 8,009
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07-08-2009, 12:26 AM | #9 |
Drives: 2SS/RS, IOM/IOM Interior, SR Join Date: Jul 2009
Location: Tucson, Arizona
Posts: 94
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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.
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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 |
Drives: 2012 Camaro SS Convertible Join Date: Jun 2009
Location: Greendale, WI
Posts: 283
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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 |
07-08-2009, 06:04 AM | #11 |
Drives: 2011 2SS RS Vert Join Date: May 2009
Location: Central Illinois
Posts: 621
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There are also income retrictions. I think it is phased out if you and your spouse earn over $250,000.
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2SS RS, Triple Black Vert, Manual, Hurst Shifter. American Racing Headers, Roto-Fab CAI
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07-08-2009, 11:07 AM | #12 |
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is it claimed on your federal taxes or state? i would think federal since its a federal policy
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2010 1SS/RS Black, CGM stripes, polished Rims, Tinted windows, Hurst shifter
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07-08-2009, 11:36 AM | #13 | |
Drives: 2012 Camaro SS Convertible Join Date: Jun 2009
Location: Greendale, WI
Posts: 283
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Quote:
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?...
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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 Last edited by GreendaleSRT4; 07-08-2009 at 12:05 PM. Reason: Update |
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07-08-2009, 12:06 PM | #14 | |
Drives: 2SS/RS Join Date: Sep 2008
Location: Western North Carolina
Posts: 7,182
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Quote:
The amount paid is filed on your federal tax return, not your state. |
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