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Tax question

Posted by on Jan. 25, 2010 at 10:11 PM
  • 2 Replies

My husband just sent this to me:

New-Vehicle Purchases

If you bought a new car, light truck, motorcycle or motor home on or after February 16, 2009, through the end of the year, you may be able to deduct the state or local sales tax or excise tax you paid on the vehicle on your 2009 tax return. The deduction is limited to the tax you paid on up to $49,500 of the purchase price of the vehicle, but there is no limit on the number of qualifying vehicles.

To qualify for the full deduction, your income can't top $125,000 if you are single or $250,000 if you are married filing jointly. A partial deduction is available for individuals with incomes between $125,000 and $135,000 (and between $250,000 and $260,000 for joint filers). The deduction is available whether or not you itemize your deductions. If you claim the standard deduction, file the new Schedule L ("Standard Deduction for Certain Filers"). If you itemize your deductions, you can claim the deduction for the sales tax on your vehicle purchase on either line 5 or line 7 of Schedule A.

Does this mean new as in brand new or "new to you"?



by on Jan. 25, 2010 at 10:11 PM
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wells75904
by on Jan. 25, 2010 at 10:12 PM

It usually means brand new

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AMom29
by on Jan. 25, 2010 at 10:41 PM

It's brand new.  Sorry.


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