Just in case some of you guys might not be aware of this ; New Car Purchases Taxpayers who buy new car before Jan. 1, 2010, may deduct sales and
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12-04-2009, 10:38 AM | #1 (permalink) | |
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Write Off Sales Tax
Just in case some of you guys might not be aware of this;
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12-04-2009, 03:30 PM | #2 (permalink) |
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FYI -- Good info regardless, but it REALLY is not as much as most people think.
Look at the back of the Schedule A form for the calculation. A $30,000 car at around 7% tax gets to deduct ~$150. |
12-04-2009, 03:46 PM | #3 (permalink) | |
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Car: 30,000 Taxes @ 7%: 2,100 Estimating 16% for taxes still equals $336. Sounds good to me. |
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12-04-2009, 10:33 PM | #7 (permalink) |
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Anybody know if this applies to tax paid on new lease initiated in 2009?
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12-04-2009, 10:51 PM | #8 (permalink) |
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anyone know for maryland taxes?
im really interested. i purchased mine for around 34k. what is maryland's tax bracket and how much can i expect to get back? please msg me =) i always like to do my w-2's first thing in january instead of waiting until march or something. plus i need the money haha.
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12-05-2009, 01:29 AM | #10 (permalink) |
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This is for your federal return, not state. You should know how much you paid in state taxes, and you can deduct it on your federal return. The return instructions should have detailed information on how to complete the deduction. Of course.. this does not apply to those that simply take the standard deduction. You'd have to itemize. |
12-05-2009, 01:21 PM | #12 (permalink) | |
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What's been this way in Texas for a while? Texas has no state income tax, and you've never been able to deduct sales tax from a car purchase on your federal return before. |
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12-06-2009, 01:14 AM | #13 (permalink) | |
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12-06-2009, 02:08 AM | #14 (permalink) | |
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12-06-2009, 12:10 PM | #15 (permalink) | |
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Car: 30,000 NY sales tax: 8.625% = $2587 NY sales tax table for salary $20k+ = 6.85% So refund = 6.85% of 2,587 = $177. And so, agree with the OP - savings are really negligible. When the quoted post said $936, I felt I had been wrong about this tax credit law. Can someone confirm? |
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