Comments on: IRS Announces Additional Tax Breaks on Purchases of New Cars

By: Ask the taxgirl: Tax Consequences of CARS | taxgirl

Ask the taxgirl: Tax Consequences of CARS | taxgirl — Sat, 29 Aug 2009 10:21:46 +0000

[...] But what about sales tax? I’ve heard a bunch of folks arguing this both ways. Most states are not including the CARS portion for purposes of sales tax; there are a handful of states that are taking the position that the entire sale price, including the CARS portion, is subject to sales tax. You can check out which states using this handy chart from Lexis. I doubt you’ll be surprised: it’s more or less the usual suspects. The good news? If you live in one of those states, you can take advantage of the new car sales tax deduction. [...]

By: IRS Offers Guidance on “Cars for Clunkers” | taxgirl

IRS Offers Guidance on “Cars for Clunkers” | taxgirl — Thu, 06 Aug 2009 13:49:03 +0000

[...] can’t normally deduct the cost of your personal use vehicle (though don’t forget about the new car sales tax deduction). And the credit is like a discount, really, and doesn’t count as income to the buyer for tax [...]

By: garagefather

garagefather — Mon, 15 Jun 2009 16:07:02 +0000

If I was to buy a new car this year, Ford would be the only domestic brand I would look at. I grew up in a GM household and owned many GM’s but after watching them beg at Obama’s feet for a bailout, I doubt that I will ever buy one again. That goes double for Chrysler.
I think it would be funny if the majority of cars bought and claimed on taxes were Honda’s and Toyota’s. That would be justice for bad tax policy. This crappy policy is worse than the new buy your first home tax credit. If you bought a your first house or a new car 2 years ago or later, you have got to feel like you have gotten the shaft. It is “luck of the draw” tax policy. If you qualify and act, you get a windfall. If you don’t qualify or missed the qualification window, you are SOL.

By: Roth & Company, P.C.

Roth & Company, P.C. — Fri, 12 Jun 2009 14:02:48 +0000

Congress: Don’t buy a car today, we’re planning a sale….

Now that it has taken over Chrysler and GM, the government is devoting more time to developing auto promotions. They……

By: christopher ganiere

christopher ganiere — Fri, 12 Jun 2009 05:41:00 +0000

Using tax dollars to subsidize car purchases is a bad idea. I thought all the Democrats wanted High Speed Rail? Won’t helping people buy cars make it hard to get people into trains? This is just another example of wasteful spending of borrowed future tax revenues.

By: Kelvin Kao

Kelvin Kao — Thu, 11 Jun 2009 21:27:53 +0000

Hm, I wonder which cars would qualify.

By: Twitted by CPA_Trendlines

Twitted by CPA_Trendlines — Thu, 11 Jun 2009 14:09:51 +0000

[...] This post was Twitted by CPA_Trendlines – Real-url.org [...]

By: Roth & Company, P.C.

Roth & Company, P.C. — Thu, 11 Jun 2009 12:22:16 +0000

Used car sales tax break works even if your state has no sales tax….

Tax Grrrl has the scoop…….