Posts tagged as:

new car

Ask the taxgirl: Buying More Than One New Car

31 December 2009

Taxpayer asks:
I bought a new Honda Accord in the spring which I know will qualify for the new car tax break. My wife wants to buy another car by the end of the year – our dealer is having a close-out. I told her I’d do it if we can still get the tax break. [...]

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Ask the taxgirl: “New To You” Car Tax Credit?

24 December 2009

Taxpayer asks:
Hi Tax Girl!
My husband bought a new car this year while all the tax credit for new car purchase commercials were going on. The catch? It’s a 2009 car, but was previously owned. Does it count as a New Car for the purposes of the new car tax credit?
Thanks so much for your help!
Enjoying [...]

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IRS Offers Guidance on “Cash for Clunkers”

6 August 2009

The IRS has issued some guidance on the “Consumer Assistance to Recycle and Save” (Cash for Clunkers program).
President Obama signed the bill into law on June 24, 2009 (you can download the bill here as a pdf). It’s basically a vehicle trade-in and purchase program (leases for more than 5 years work, [...]

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Ask the taxgirl: New Car Sales Tax Deduction

16 June 2009

Taxpayer asks:
hi taxgirl , i have a question, i bought a 2009 nissan on january 17 2009,do i qualify for the sales tax deduction?

Taxgirl says:
Don’t hate me but no. The law says that the new car must be purchased after February 16, 2009 and before January 1, 2010, to qualify for the deduction.
But [...]

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IRS Announces Additional Tax Breaks on Purchases of New Cars

11 June 2009

The good news under ARRA (American Recovery and Reinvestment Act of 2009): if you buy a qualifying new vehicle after February 16, 2009, and before January 1, 2010, you can deduct state or local sales or excise taxes paid on the purchase. The deduction is available whether or not you itemize.
The bad news [...]

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Ask the taxgirl: New Car Sales

14 April 2009

Taxpayer asks:
Hi there,
I’ve purchased a new vehicle in 2009 on Jan. 31. The original provision of the new bill that was passed by the Senate stated that it would be from mid November 2008 through Jan. 1, 2010.
I saw your response where Congress has now said that new vehicles purchased from Feb. 16, 2009 to [...]

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Ask the taxgirl: New Car Sales Tax Deductions

7 April 2009

Taxpayer asks:
Dear Taxgirl,
Congress has passed a bill allowing a tax deduction for the sales tax on the purchase of a new car. Does that differ from the current Schedule A deduction possible for additional tax for major items? Is this “much sound and fury signifying nothing?” The devil [...]

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