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Old 01-13-2010, 07:33 PM   #1
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Reminder: New Car Sales Tax Deduction

A reminder now that tax time is upon us: If you bought your NEW car between Feb. 17,2009 and Dec. 31,2009 you can generally deduct the sales tax. For details go to:
http://www.irs.gov/newsroom/article/...204519,00.html
You do NOT have to itemize deductions to get the credit.


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Old 01-13-2010, 08:47 PM   #2
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link doesnt work
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Old 01-13-2010, 09:31 PM   #3
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try this:
Sales Tax Deduction for Vehicle Purchases
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Old 01-19-2010, 11:45 AM   #4
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Do you know what I should enclose with my return to get this? Thank you for posting this!
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Old 01-19-2010, 01:21 PM   #5
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You got me there. I guess your instruction manual with your tax returns will tell you.
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Old 01-19-2010, 09:45 PM   #6
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Go to www.irs.gov and download Publication 553 (for the details) and Publication 919 (for the worksheet) to find out how the sales/exise tax deduction works – it's basically going to increase your standard deduction amount. The limitations are: (1) your new vehicle, purchased between February 16 and December 31, 2009, must have a GVWR under 8,500 pounds (no problem for Foci); (2) you can only deduct the tax on the first $49,500 of the vehicle's purchase price (again, no prob); and (3) there is a sliding scale for your adjusted gross income that phases out the deduction if you have an AGI over $125K (single)/$250K (married filing jointly). Anybody got a problem with that one? (Then you don't really have a problem, lucky you.)
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Old 01-21-2010, 10:19 PM   #7
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Hmmm. I bought two new vehicles in '09, but traded the '09 in on an '10, and paid the difference in sales tax for both.

Hmmm. Wonder how THAT works?

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Old 01-21-2010, 10:21 PM   #8
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well hell too bad it can't be "new-to-me" deductibles....
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Old 01-22-2010, 04:15 AM   #9
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Of course, anyone who saves on their taxes as a result of this thread a rep would be appreciated :)
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