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Monday, December 21, 2009

Tax Tips: New Car Tax Break for 2009

Retirement Advisor Tax Tip: New Car Tax Break for 2009

If you are considering buying a new car, you have until Dec. 31 to take advantage of a tax break that may not be around in 2010.

Taxpayers who buy a qualifying new motor vehicle this year can deduct the state or local sales or excise taxes they paid on the first $49,500 of the purchase price.

Qualifying motor vehicles include new passenger automobiles, light trucks, motorcycles, and motor homes.

Individuals who itemize and those who take the standard deduction can benefit from this tax break. In states without a sales tax, other taxes or fees can qualify if they are assessed on the purchase of the vehicle and are based on the vehicle’s sales price or as a per unit fee. The deduction is reduced for joint filers with modified adjusted gross incomes (MAGI) between $250,000 and $260,000 and other taxpayers with MAGI between $125,000 and $135,000. Taxpayers with higher incomes do not qualify.

To learn more, consult this IRS publication:
Sales Tax Deduction for Vehicle Purchases

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December 2009 Retirement Advisor Newsletter



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