11-30-2009, 10:58 AM | #1 |
Drives: BADDEST SS IN ATL!!!! Join Date: Oct 2009
Location: Atlanta
Posts: 634
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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.
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11-30-2009, 11:00 AM | #2 |
Mike
Drives: 2010 2SS LS3 Join Date: Aug 2009
Location: Northwood, Ohio
Posts: 63
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yes, the tax you paid comes off your gross income
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11-30-2009, 11:13 AM | #3 |
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Sales taxes can be deducted on your return.
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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, 11:21 AM | #4 |
Drives: SS,PaceCar,ZL1,1LE,C7Z51,Z06,17-ZL1 Join Date: Jun 2009
Location: Detroit, Mich
Posts: 68,623
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Hurry, times running out. Car must be purchased by 12/31. Orders won't count.
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11-30-2009, 11:22 AM | #5 |
Drives: LLT MV5 B34 N65... period. Join Date: Nov 2009
Location: -
Posts: 283
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11-30-2009, 11:33 AM | #6 |
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.
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11-30-2009, 11:51 AM | #7 |
Drives: BADDEST SS IN ATL!!!! Join Date: Oct 2009
Location: Atlanta
Posts: 634
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11-30-2009, 12:24 PM | #8 |
Drives: 2SS/RS 6M ABM & GMC 2500HD Join Date: Sep 2009
Location: MD
Posts: 49
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11-30-2009, 03:06 PM | #9 |
Drives: BADDEST SS IN ATL!!!! Join Date: Oct 2009
Location: Atlanta
Posts: 634
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11-30-2009, 03:07 PM | #10 |
Drives: BADDEST SS IN ATL!!!! Join Date: Oct 2009
Location: Atlanta
Posts: 634
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11-30-2009, 03:29 PM | #11 |
Drives: 2SS Camaro Join Date: Oct 2009
Location: CA
Posts: 439
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11-30-2009, 05:42 PM | #12 |
Drives: Soon to be 2SS Join Date: Nov 2009
Location: L.A.
Posts: 33
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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 |
11-30-2009, 06:04 PM | #13 |
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.
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11-30-2009, 06:15 PM | #14 |
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PWA
This is only a test |
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