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New car tax deduct

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New car tax deduct

  #51  
Old 04-02-2009, 07:47 PM
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No, most of the time I do though. Loose less
 
  #52  
Old 04-11-2009, 10:17 PM
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Back on topic. I was at the dealer today and asked for the exact rules....

1. You must have bought the car between 2-16-09 and 1-1-10
2. You can only use tax paid on this vehicle up to a 49.5K selling price.
3. NEW Cars, light trucks, motorcycles and motor homes are in play.
4. If you are single and your adjusted gross income is under 125K you get to use all your tax as a deduction. If you make between 125K and 135K the amount you can deduct will be reduced, after 135K there is no deduction. The numbers for filing married is 250-260K.

Once again this if for your 2009 tax return you will file next year.
 
  #53  
Old 04-12-2009, 07:40 AM
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so the sales tax on the vehicle is the deduction amount, granted that you arent over those limits?
 
  #54  
Old 04-12-2009, 10:02 AM
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Originally Posted by BadStratRT View Post
so the sales tax on the vehicle is the deduction amount, granted that you arent over those limits?
Correct, would be claimed just like house mortgage interest.
 

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