New vehicle purchase sales tax deduction for 2009 taxes

Posted By on April 1, 2009

irs tax deductionIf you are in the market for a new car or truck this year, the IRS will assist by at least making the “sales tax” deductible.  There are a few caveats, which includes a short window since the car, truck, motorhome or motorcycle needs to be purchase between February 16, 2009 and January 1, 2010 in order to be able to deduct the sales tax on your 2009 taxes.  According to Cars.com, “this deduction is available for individuals with an adjusted gross income of less than $125,000, or for joint filers under $250,000. The deduction phases out for taxpayers whose AGIs fall between $125,000 and $135,000 for individuals and between $250,000 and $260,000 for joint filers. The deduction is only good for the taxes paid on a vehicle up to $49,500 of the purchase price. So if you buy a $70,000 car, you won’t be able to deduct the taxes for the additional $20,500.”

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