The IRS is offering a tax break for individuals who purchase a new car, light truck, motor home or motorcycle. You can read about the original announcement here.
Here’s a quick guide of how it works…
Here’s a quick guide of how it works…
- State and local sales taxes paid on up to $49,500 of the purchase price of qualifying vehicles are deductible.
- Qualified vehicles generally include NEW: cars, light trucks, motor homes and motorcycles.
- Purchases must be after Feb. 16, 2009 and before Jan. 1, 2010.
- The tax deduction can be taken regardless of whether or not you itemize other deductions on your tax return.
- Claim this deduction when filing your 2009 federal income tax return not your 2008 taxes.
- The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.
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