Is there a stimulus tax credit this yr. with new car purchases??? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

1sickss · 11-30-2009, 10:58 AM

I had a buddy here at work tell me with the new stimulus package that all new car purchases this yr will be tax deductible. is this true and to what extent? thanks for the input.

mikedcmf · 11-30-2009, 11:00 AM

yes, the tax you paid comes off your gross income

v6sonoma · 11-30-2009, 11:13 AM

Sales taxes can be deducted on your return.

JoeP@TeamBeckyD · 11-30-2009, 11:21 AM

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

Easy Go · 11-30-2009, 11:22 AM

Here's the details:

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

Buckbo · 11-30-2009, 11:33 AM

Keep in mind the deductable portion is the part that is based on the price of the car not inspection or paperwork fees if they are a fixed price. If you live in a state with an income tax and "no sales tax" you can still deduct the "registration" or "documentation" fee as long as it's a percentage of the purchase price. In Delaware, after paying 7% income tax they hit you with a 4.25% "documentation fee" on cars (for a 11.25% total) plus $200+ in fees for tags. You can deduct the 4.25%, since it is a sales tax, but not the fixed fees.

1sickss · 11-30-2009, 11:51 AM

Quote:

Originally Posted by BeckyD@RodgersChevrolet

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

sweet, cause i bought 4 new cars this year

Ntimad8rs · 11-30-2009, 12:24 PM

Quote:

Originally Posted by 1sickss

sweet, cause i bought 4 new cars this year

UMMM, it only counts for up to 49,500. purchase price and if you make too much money....too bad, so sad!

1sickss · 11-30-2009, 03:06 PM

Quote:

Originally Posted by Ntimad8rs

UMMM, it only counts for up to 49,500. purchase price and if you make too much money....too bad, so sad!

i hope i get something back, anything is better than nuttin

1sickss · 11-30-2009, 03:07 PM

Quote:

Originally Posted by Ntimad8rs

UMMM, it only counts for up to 49,500. purchase price and if you make too much money....too bad, so sad!

so its only good up to 50,000 bucks? i deff didnt pay 50g's in taxes

nashstat · 11-30-2009, 03:29 PM

Quote:

Originally Posted by 1sickss

so its only good up to 50,000 bucks? i deff didnt pay 50g's in taxes

Well what that means is that even if you buy $100,000 car, you can still get a tax deduction on up to $49,500 of the value.

Beach dude · 11-30-2009, 05:42 PM

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

kutch720 · 11-30-2009, 06:04 PM

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.

ljustin293 · 11-30-2009, 06:15 PM

PWA

This is only a test

11-30-2009, 10:58 AM	#1
1sickss Drives: BADDEST SS IN ATL!!!! Join Date: Oct 2009 Location: Atlanta Posts: 634	Is there a stimulus tax credit this yr. with new car purchases??? I had a buddy here at work tell me with the new stimulus package that all new car purchases this yr will be tax deductible. is this true and to what extent? thanks for the input.

11-30-2009, 11:13 AM	#3
v6sonoma Drives: 2010 SS RS Join Date: Jun 2009 Location: Providence, RI Posts: 8,108 View My Garage	Sales taxes can be deducted on your return. __________________ Mods: BBK Intake, BBK LT's and High Flow Cats, Corsa Cat-back exhaust, Hurst short throw shifter, SLP skip-shift eliminator. 7/1/09 Placed order for IOM/IO int/ SS/RS 6M 9/26/09 Took delivery!

11-30-2009, 05:42 PM	#12
Beach dude Drives: Soon to be 2SS Join Date: Nov 2009 Location: L.A. Posts: 33	Can I order the car and pay for it this year, *then* take delivery next year, to realize the sales tax deduction? Last edited by Beach dude; 11-30-2009 at 05:43 PM. Reason: no html

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11-30-2009, 11:00 AM	#2
mikedcmf Mike Drives: 2010 2SS LS3 Join Date: Aug 2009 Location: Northwood, Ohio Posts: 63	yes, the tax you paid comes off your gross income

11-30-2009, 11:21 AM	#4
JoeP@TeamBeckyD Drives: SS,PaceCar,ZL1,1LE,C7Z51,Z06,17-ZL1 Join Date: Jun 2009 Location: Detroit, Mich Posts: 68,623	Hurry, times running out. Car must be purchased by 12/31. Orders won't count.

11-30-2009, 11:22 AM	#5
Easy Go Drives: LLT MV5 B34 N65... period. Join Date: Nov 2009 Location: - Posts: 283	Here's the details: http://www.irs.gov/newsroom/article/...205863,00.html

11-30-2009, 11:33 AM	#6
Buckbo Drives: 2010 Camaro Join Date: Jan 2009 Location: Wilmington,Delaware Posts: 432 View My Garage	Keep in mind the deductable portion is the part that is based on the price of the car not inspection or paperwork fees if they are a fixed price. If you live in a state with an income tax and "no sales tax" you can still deduct the "registration" or "documentation" fee as long as it's a percentage of the purchase price. In Delaware, after paying 7% income tax they hit you with a 4.25% "documentation fee" on cars (for a 11.25% total) plus $200+ in fees for tags. You can deduct the 4.25%, since it is a sales tax, but not the fixed fees.

11-30-2009, 06:04 PM	#13
kutch720 Drives: Camaro 1LT RS Join Date: Jun 2009 Location: Maine Posts: 353 View My Garage	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.

11-30-2009, 06:15 PM	#14
ljustin293 Drives: 2010 VR CAMARO 2SS/RS Join Date: Aug 2008 Location: GA Posts: 15,060 View My Garage	PWA This is only a test