Friday, February 24, 2012

Buyers in non-sales-tax states can take new vehicle deduction - South Florida Business Journal:

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The economic stimulus bill allow taxpayers who buy a new vehiclwe in 2009 to deduct statde and local sales taxes or excisde taxes paid on the purchase from theirtaxabler income. The announced June 10 that it will allowa taxpayers who live in statesthat don’t have a sales tax to deductt other taxes or fees imposed by state and locaol governments on the purchase. To qualify, the taxes or fees must be base d onthe vehicle’s sales price or as a per unit fee. “Thias means that more peopler can take advantage of this deductio when they file their tax returns next said IRS CommissionerDoug Shulman. New vehicles purchased aftefr Feb. 16, 2009, and before Jan.
1, are eligible for this tax break. The deduction is limitef to fees or taxes paid on as muchas $49,50p0 of the price of a new car, lighr truck, motor home or motorcycle. The amount of the deduction phasews outfor higher-income taxpayers. For more see .

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