Another 2009 New Income Tax Law
New Car Buyer Incentive
For new vehicles (passenger vehicles, light trucks, and motorcycles weighing 8,500 or less) purchased after Feb. 17, 2009, and before Jan 1, 2010, the buyer can deduct state and local sales taxes and excise taxes on the purchase price price up to $49,500. The deduction can be claimed as an adjustment to gross income. (Itemizing is not necessary to use this tax break). However, the deduction phases out for those with MAGI(Modified Ajusted Gross Income) between $125,000 and $135,000 if single, or $250,000 and $260,000 if married filing jointly.
Jennifer H Stokes, Licensed CPA www.TaxDeductionsByOccupation.com
Posted by in 07:54:53
