What is the sales tax deduction for the purchase of a new car or new truck under the new federal economic stimulus package?
Sales tax deduction applies to new car or new trucks only that are purchased from February 17, 2009 through December 31, 2009. Other qualifications and limitations: * Any new car or truck with a gross vehicle weight of less than 8,500 pounds is eligible for the deduction. * The deduction is for sales taxes on purchases of up to $49,500. If you buy a more expensive vehicle, then you are allowed to claim the deduction that applies to the first $49,500 of the purchase price. * Income phase-out – $125.000/$250,000 Contact your tax professional to determine how/if this sales tax deduction applies to you and your situation. BACK TO TOP Why Knowing Who You Are Dealing With Is Important In Preventing Identity Theft Today, identity theft is a major security issue which can cause financial disaster. Whether it be at a new car dealership; over the phone; or over the Internet; buying or leasing a new car is a major transaction in which you are required to divulge confidential information in order
