Stimulus package, you can deduct new car sales tax!

LANDLORD · 02-14-2009, 02:34 PM

Quoted from the LA Times:

"Similarly, those who buy a new car by the end of the year will be able to deduct the cost of the sales tax."

This is a big deal for me. I hope they get that IDrive installed at least by the start of the 2010 year, because I would love to be able to deduct the sales tax on a big purchase like that!

Raja Ventureshield · 02-14-2009, 02:40 PM

oh man, i need to get a car. hope it's true.

Nezo86 · 02-14-2009, 03:05 PM

really??? do you have a link to the articel??? this came right in time for me

LANDLORD · 02-14-2009, 03:13 PM

HERE IS THE LINK TO THE ARTICLE:

http://www.latimes.com/news/nationwo...0,453192.story

autodahn · 02-14-2009, 03:19 PM

[QUOTE=LANDLORD;4484068]"Similarly, those who buy a new car by the end of the year will be able to deduct the cost of the sales tax."

This has been available for several years now for those living in states with no state income tax (Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming).

dmlgc · 02-14-2009, 10:39 PM

Stimulus package keeps Mikulski's car tax break
It is an "above-the-line" deduction, which means it can be taken by anyone who owes federal income tax. The break applies only to the first $49,500 of the vehicle's purchase price.
http://www.baltimoresun.com/news/nat...,1583249.story

article here suggest it has been scaled back and that only applies to car that are $49k or less.
Senator Barbara Mikulski is author of the amendment and here are the relevant details from the official press release
"................Cars costing more than $49,500 also are ineligible."
http://www.savingtoinvest.com/2009/0...-economic.html

02-14-2009, 02:34 PM	#1
LANDLORD Turbo Engines are Fun 24 Rep 252 Posts Drives: 2010 X6M Monte Carlo Blue Join Date: Jul 2008 Location: Los Angeles Coast iTrader: (0)	Stimulus package, you can deduct new car sales tax! Quoted from the LA Times: "Similarly, those who buy a new car by the end of the year will be able to deduct the cost of the sales tax." This is a big deal for me. I hope they get that IDrive installed at least by the start of the 2010 year, because I would love to be able to deduct the sales tax on a big purchase like that!
	Appreciate 0 Tweet Quote

02-14-2009, 02:40 PM	#2
Raja Ventureshield Major General 288 Rep 5,686 Posts Drives: BMW M3 coupe Join Date: May 2007 Location: Northern VA iTrader: (6)	oh man, i need to get a car. hope it's true. __________________ ************************************* Un4gettable 435i Extended Test drive thread: http://www.f30post.com/forums/showthread.php?t=881491
	Appreciate 0 Quote

02-14-2009, 03:05 PM	#3
Nezo86 Second Lieutenant 13 Rep 203 Posts Drives: 2010 X6 50i Join Date: Dec 2008 Location: Dallas/Prishtina, TX iTrader: (0)	really??? do you have a link to the articel??? this came right in time for me
	Appreciate 0 Quote

02-14-2009, 03:13 PM	#4
LANDLORD Turbo Engines are Fun 24 Rep 252 Posts Drives: 2010 X6M Monte Carlo Blue Join Date: Jul 2008 Location: Los Angeles Coast iTrader: (0)	HERE IS THE LINK TO THE ARTICLE: http://www.latimes.com/news/nationwo...0,453192.story
	Appreciate 0 Quote

02-14-2009, 03:19 PM	#5
autodahn Kassel Kid 10 Rep 60 Posts Drives: X6 50i Join Date: Apr 2008 Location: Houston iTrader: (0)	[QUOTE=LANDLORD;4484068]"Similarly, those who buy a new car by the end of the year will be able to deduct the cost of the sales tax." This has been available for several years now for those living in states with no state income tax (Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming).
	Appreciate 0 Quote

02-14-2009, 10:39 PM	#6
dmlgc Lieutenant Colonel 89 Rep 1,882 Posts Drives: 2022 BMW X6MC - 335D Join Date: Jun 2008 Location: Carlsbad, CA iTrader: (0)	Stimulus package keeps Mikulski's car tax break It is an "above-the-line" deduction, which means it can be taken by anyone who owes federal income tax. The break applies only to the first $49,500 of the vehicle's purchase price. http://www.baltimoresun.com/news/nat...,1583249.story article here suggest it has been scaled back and that only applies to car that are $49k or less. Senator Barbara Mikulski is author of the amendment and here are the relevant details from the official press release "................Cars costing more than $49,500 also are ineligible." http://www.savingtoinvest.com/2009/0...-economic.html
	Appreciate 0 Quote