Cash for Clunkers is taxable folks. It is NOT federal income taxable, but taxable nonetheless. Many people are discovering they have to pay sales tax on it when they register their vehicle. It is likely it will be considered income in some states and therefore taxable.
My state taxes everything. If you get a refund from your federal return it is taxable!
Answer by yourspecialkid at 11:26 PM on Aug. 26, 2009
Answer by Anonymous at 11:26 PM on Aug. 26, 2009
Answer by Anonymous at 11:27 PM on Aug. 26, 2009
Yup, and only 2% of dealers have been paid, last I heard... WOW what a wonderful GOVERNMENT Program...... It demonstrates, transparency, accountability, and contains no wasteful spending. Just like the stimulus with it's payment to dead people and convicts.. Go Big Government ::sarcasm::
Answer by grlygrlz2 at 11:33 PM on Aug. 26, 2009
Answer by Anonymous at 11:36 PM on Aug. 26, 2009
LMAO. AND? Duh! That's common sense fist of all. Second of all, are you trying to say that this was a surprise, that the government didn't WARN you about taxes? (even though it should be common sense). I regret to inform you, actually I don't because I love laughing at you, that they did in fact warn that the CARS rebate program doesn't affect state and federal tax laws. Its in the rules
Answer by SRiveroC at 11:41 PM on Aug. 26, 2009
Answer by yourspecialkid at 11:41 PM on Aug. 26, 2009
Answer by LiliM at 11:44 PM on Aug. 26, 2009
SRiveroC you have no reason to laugh at ME. I didn't participate. We bought our new vehicles in November when the bottome fell out of the car market. We got much better deals than the govs cash for crap.
If you had bothered to read the entire question you would have seen that I already saidit wasn't federally taxable. You are incorrect about the state taxes. The feds can't make laws for the states.
It seems Cali is already gearing up for their cut.
Answer by yourspecialkid at 12:15 AM on Aug. 27, 2009
Answer by yourspecialkid at 12:16 AM on Aug. 27, 2009