Comments on: Ask the taxgirl: “New To You” Car Tax Credit? http://www.taxgirl.com/ask-the-taxgirl-new-to-you-car-tax-credit/ Paying taxes is painful... but reading about them shouldn't be. Sun, 12 Feb 2012 17:55:29 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Ask the taxgirl: Used Car Sales Tax Deduction | taxgirl http://www.taxgirl.com/ask-the-taxgirl-new-to-you-car-tax-credit/comment-page-1/#comment-14247 Ask the taxgirl: Used Car Sales Tax Deduction | taxgirl Mon, 08 Feb 2010 14:03:27 +0000 http://www.taxgirl.com/?p=4439#comment-14247 [...] post you’re referring to is this one and was specifically about whether the purchase of a new car qualified for the new sales tax [...] [...] post you’re referring to is this one and was specifically about whether the purchase of a new car qualified for the new sales tax [...]

]]> By: Ask the taxgirl: Buying More Than One New Car | taxgirl http://www.taxgirl.com/ask-the-taxgirl-new-to-you-car-tax-credit/comment-page-1/#comment-13275 Ask the taxgirl: Buying More Than One New Car | taxgirl Thu, 31 Dec 2009 16:30:06 +0000 http://www.taxgirl.com/?p=4439#comment-13275 [...] A “qualified vehicle” is a passenger automobile, light truck or motorcycle which has a gross vehicle weight rating of 8,500 pounds or less (motor home also qualify). You can deduct the sales tax paid on up to $49,500 of the purchase price. And it has to be a new vehicle (not just new to you). [...] [...] A “qualified vehicle” is a passenger automobile, light truck or motorcycle which has a gross vehicle weight rating of 8,500 pounds or less (motor home also qualify). You can deduct the sales tax paid on up to $49,500 of the purchase price. And it has to be a new vehicle (not just new to you). [...]

]]> By: DUI Houston http://www.taxgirl.com/ask-the-taxgirl-new-to-you-car-tax-credit/comment-page-1/#comment-13256 DUI Houston Wed, 30 Dec 2009 06:06:22 +0000 http://www.taxgirl.com/?p=4439#comment-13256 Excellent article! Excellent article!

]]> By: Kelly http://www.taxgirl.com/ask-the-taxgirl-new-to-you-car-tax-credit/comment-page-1/#comment-13221 Kelly Fri, 25 Dec 2009 15:31:05 +0000 http://www.taxgirl.com/?p=4439#comment-13221 Tom, you're right that it's a deduction, not a credit. And there is a big difference. It's being referred to as a credit in the media, which is what's driving the bus. Even car dealers advertise it as the "new car credit." It's almost 2nd nature now to call it a credit. Tom, you’re right that it’s a deduction, not a credit. And there is a big difference.
It’s being referred to as a credit in the media, which is what’s driving the bus. Even car dealers advertise it as the “new car credit.” It’s almost 2nd nature now to call it a credit.

]]> By: Tom http://www.taxgirl.com/ask-the-taxgirl-new-to-you-car-tax-credit/comment-page-1/#comment-13220 Tom Fri, 25 Dec 2009 14:41:57 +0000 http://www.taxgirl.com/?p=4439#comment-13220 This is a possible income tax deduction for the sales tax for people that otherwise would take the standard deduction. It is not a credit. I am sure they saved far more on this slightly used vehicle than the tax deduction. So they have a "new to you" vehicle at a good financial deal, and if they itemize, the additional sales tax may well still save them some taxes. Sounds like a Merry Christmas to me. This is a possible income tax deduction for the sales tax for people that otherwise would take the standard deduction. It is not a credit.

I am sure they saved far more on this slightly used vehicle than the tax deduction. So they have a “new to you” vehicle at a good financial deal, and if they itemize, the additional sales tax may well still save them some taxes.

Sounds like a Merry Christmas to me.

]]> By: Kelly http://www.taxgirl.com/ask-the-taxgirl-new-to-you-car-tax-credit/comment-page-1/#comment-13216 Kelly Fri, 25 Dec 2009 03:19:42 +0000 http://www.taxgirl.com/?p=4439#comment-13216 Urbie, As you know, I was no fan of this bill. I think Congress got it wrong on sooo many levels. Your comments are well taken. ;) Urbie, As you know, I was no fan of this bill. I think Congress got it wrong on sooo many levels. Your comments are well taken. ;)

]]> By: Kelly http://www.taxgirl.com/ask-the-taxgirl-new-to-you-car-tax-credit/comment-page-1/#comment-13215 Kelly Fri, 25 Dec 2009 03:18:35 +0000 http://www.taxgirl.com/?p=4439#comment-13215 Excellent point, Rick! Excellent point, Rick!

]]> By: Rick http://www.taxgirl.com/ask-the-taxgirl-new-to-you-car-tax-credit/comment-page-1/#comment-13214 Rick Thu, 24 Dec 2009 21:00:04 +0000 http://www.taxgirl.com/?p=4439#comment-13214 The questioner may be able to get some use of the sales tax. If adding the sales tax to the "safe habor" is about the same or more, it can be used on the sch. A in place of the state income tax. This (2009) is last year you may use this little issue and I am sure it has been welcome to those in the seven states with out a state income tax. The questioner may be able to get some use of the sales tax. If adding the sales tax to the “safe habor” is about the same or more, it can be used on the sch. A in place of the state income tax. This (2009) is last year you may use this little issue and I am sure it has been welcome to those in the seven states with out a state income tax.

]]> By: Online Car Insurance Quotes Offer The Cheapest Premiums | Cheap Auto Car Insurance Quotes http://www.taxgirl.com/ask-the-taxgirl-new-to-you-car-tax-credit/comment-page-1/#comment-13213 Online Car Insurance Quotes Offer The Cheapest Premiums | Cheap Auto Car Insurance Quotes Thu, 24 Dec 2009 17:35:11 +0000 http://www.taxgirl.com/?p=4439#comment-13213 [...] Ask the taxgirl: “New To You” Car Tax Credit? | taxgirl [...] [...] Ask the taxgirl: “New To You” Car Tax Credit? | taxgirl [...]

]]> By: Urbie http://www.taxgirl.com/ask-the-taxgirl-new-to-you-car-tax-credit/comment-page-1/#comment-13212 Urbie Thu, 24 Dec 2009 15:24:01 +0000 http://www.taxgirl.com/?p=4439#comment-13212 Logical question! After all, the first-time homebuyer credit doesn't have to be for a new home -- it just has to be for *a* home. Obviously, the new-car tax credit is to get people to buy new cars (which is stupid and wasteful, as was "Cash for Clunkers," but I digress). But this goes to illustrate one of my beefs with Congress -- they love to subsidize industries through tax breaks, even though no way would they be caught dead subsidizing them with spending, because that's "Socialism" [eye roll].... Logical question! After all, the first-time homebuyer credit doesn’t have to be for a new home — it just has to be for *a* home. Obviously, the new-car tax credit is to get people to buy new cars (which is stupid and wasteful, as was “Cash for Clunkers,” but I digress). But this goes to illustrate one of my beefs with Congress — they love to subsidize industries through tax breaks, even though no way would they be caught dead subsidizing them with spending, because that’s “Socialism” [eye roll]….

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