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IR-2009-30, March 30, 2009 WASHINGTON
— The Internal Revenue Service announced that taxpayers who buy a new passenger vehicle this year may be entitled
to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year. “For those thinking about buying a new car this year, this deduction may give them
a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. “This deduction enables
taxpayers to buy now and get cash back later on their tax returns.” The
deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified
new car, light truck, motor home or motorcycle. The amount of the deduction
is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and
between $250,000 and $260,000 for joint filers. IRS also alerted taxpayers
that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction. The special deduction is available regardless of whether a taxpayer itemizes deductions
on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns. |
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