Still Qualify for a Special Deduction of State and Local Sales Tax When Buying a New Car
Submitted by vinny on Thu, 10/29/2009 - 15:58.
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Difficulty Level:
1
Purchases made before Jan. 1, 2010, will qualify for this deduction under the American Recovery & Reinvestment Act of 2009 (ARRA). The deduction is limited to the sales and excise taxes and similar fees paid on up to $49,500 of the purchase price of a new vehicle. The deduction is reduced for joint filers with modified adjusted gross incomes (MAGI) between $250,000 and $260,000 and other taxpayers with MAGI between $125,000 and $135,000. Taxpayers with higher incomes do not qualify.
Quick Tip:
Special Sales Tax Deduction for Car Purchases Available through End of 2009
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