Buy A New Car, Write-Off Taxes On 2009 Return
So, news has come in confirming that the IRS is going to offer a tax rebate on new cars purchased between now and January 1, 2010. Here are the details:
- You can deduct state and local sales and excise taxes on the purchase of a new car;
- Limited to $49,500 of the purchase price for a new car, “light truck,” or motor home or motorcycle;
- Your modified adjusted gross income must be below $125,000 for individual filers and $250,000 for joint filers; and
- Deductions must be taken on 2009 return.