Quote:
Originally Posted by OldGuy
Depends on one's taxable income, which determines his bracket, which will determine the amount of actual tax savings. Still a worthwhile benefit and incentive to purchase.
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Actually, the deduction itself is the same...based on a formula. If you make something like 250K/yr or more, then it's pro-rated. Same if the vehicle price is over a given amount.
The final outcome on your taxes depends on what you paid in, your tax bracket, etc, just as before - just now you can deduct the tax paid on the vehicle.