Comments on: Sales Tax Deductions For New Car Buyers in 2009 Obama Economic Stimulus Package

By: Moun

Moun — Fri, 14 Aug 2009 00:42:05 +0000

The deduction apply to leasing ?

By: Peter

Peter — Tue, 11 Aug 2009 17:33:37 +0000

I believe it is strictly on the purchase date – but you will want to check with the IRS on that to make sure. Let us know what you find out!

By: kaos

kaos — Tue, 11 Aug 2009 16:55:59 +0000

I bought a car in early Feb 09 (before the 16th) but didn’t pay the taxes on it until early March. Does my purchase apply since I didn’t pay until March or is it based strictly on the purchase date?

By: tax lien certificates

tax lien certificates — Thu, 30 Jul 2009 03:11:11 +0000

well the tax rebate cash for clunkers is starting to kick in. Dealers right now are offering a to match the governments incentive. Here’s hoping it works.
tax lien certificates´s last blog ..Tax Lien Foreclosure

By: Peter

Peter — Tue, 07 Jul 2009 16:59:09 +0000

I agree. Seems that the government isn’t truly interested in actually stimulating the economy sometimes, or encouraging responsible spending. Instead they aim to shape society, redistribute wealth, and penalize those who have been most successful. Go figure.

By: Steve

Steve — Tue, 07 Jul 2009 16:35:18 +0000

Tax deduction? Should be a tax credit. But more importantly, why the taxable income limitation? The higher income crowd is the group that can best afford to buy a new car. Nah, let’s encourage the person that should not be buying a new car in the first place. Give them $4500 for his “clunker” and a tax deduction and saddle them with a $20K debt that they will default on and claim bankruptcy — great plan! If the government wants to truly give a boost to the car industry, it should be open to everyone.

By: Peter

Peter — Tue, 23 Jun 2009 13:28:37 +0000

i’m not aware of that provision? From what I understand it is a deduction against your taxable income, so it reduces your taxable income by the amount.

By: Debra Lewis

Debra Lewis — Tue, 23 Jun 2009 13:09:42 +0000

I am buying a 2009 Nissan Versa. I know there is a tax credit. However, it was explained to me by someone that you had to have over $11,000 worth of deductions before you could deduct the tax credit. Is this true or does it come off you gross taxable income? thanks

By: George

George — Fri, 19 Jun 2009 20:16:15 +0000

I generally agree that, all things being equal, a used car is the way to go.

However, this does not always make sense. In many cases a 2-3 year old loaded car will cost MORE than a new stripped down version of the same car. I see it all the time.

If leather, spoilers, and other ‘nice to haves’ don’t matter, by all means, buy new.

By: Peter

Peter — Tue, 02 Jun 2009 19:33:48 +0000

I don’t believe you do. Purchases must occur after Feb. 16, 2009, and before Jan. 1, 2010.