just passed, tax break for new car buyers

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Feb 4, 2009 | 05:22 PM

#21

jaydubz79

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Joined: Feb 2009

Posts: 206

From: FL

Ok I am really sorry, but what I am getting here is that since I purchased in 2009 I would not be able to claim anything on my purchase till filing my 2009 taxes in 2010, correct?

Feb 4, 2009 | 05:31 PM

#22

jelliotlevy

Member

Joined: Dec 2008

Posts: 174

From: Hilton Head Island, SC

The final settlement would not come till 2010. However, you can arrange to reduce your withholding and/or estimated taxes to get the tangible benefit in 2009. I think you can safely trust our Congress not to screw around and change this new law before you file your 2009 taxes. After all, if you can't trust our Congress, then whom can you trust?

Feb 4, 2009 | 06:07 PM

#23

Fitcapo

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iTrader: (5)

Joined: Mar 2008

Posts: 2,257

From: Pleasant Prairie, Wisconsin

.... this is stupid that it is for only really recent car buyers. I bought my car just shy of a year ago....

Feb 4, 2009 | 06:26 PM

#24

badself

Member

Joined: Aug 2008

Posts: 364

From: baltimore, md

Tell me about it. I bought a new Mazda in April '08 and the Fit on Sept 11, '08, so neither car qualifies.

Oh well, at least I have two decent cars, and don't owe a red cent on either.

Feb 4, 2009 | 06:40 PM

#25

Eighty6

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Joined: Dec 2008

Posts: 20

From: Memphis,TN

So to simplify
If you bought your Fit between Nov. 12th - Dec. 31st 2008 or will be purchasing one in 2009 then you can use this credit when you file your 2009 taxes in Jan 2010
Correct?
Its great and all but everyone will have to wait an entire year to physically get the benefits

Feb 4, 2009 | 08:06 PM

#26

Smallville

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Joined: Aug 2008

Posts: 29

From: Toledo, OH

If you itemize on schedule A you can deduct sales tax on big ticket items anyways no matter when you bought your car. Thats not new at all.

Feb 4, 2009 | 08:23 PM

#27

Tork

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Joined: Mar 2007

Posts: 1,251

From: Winthrop Harbor Illinois/ Presque Isle Wisconsin

Quote:

Originally Posted by Smallville

If you itemize on schedule A you can deduct sales tax on big ticket items anyways no matter when you bought your car. Thats not new at all.

Quote:

Originally Posted by IRS

Generally, sales taxes are not deductible on Schedule A. However, for Tax Years 2005, 2006, 2007, 2008, and 2009 if you file a Form 1040 and[ itemize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes (You can't claim both). .

Quote:

Originally Posted by Eighty6

Its great and all but everyone will have to wait an entire year to physically get the benefits

No, you could change your witholding for the $250? to be enjoyed throughout this year.

..

Last edited by Tork; Feb 4, 2009 at 08:29 PM.