Per Atlanta Business Chronicle:
Those who buy a new passenger car this year may be able to deduct state and local sales and excise taxes on the purchase in their 2009 tax returns next year, the Internal Revenue Service said Monday.
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.
The IRS also said 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 deduction may not be taken on 2008 tax returns.
Those who buy a new passenger car this year may be able to deduct state and local sales and excise taxes on the purchase in their 2009 tax returns next year, the Internal Revenue Service said Monday.
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.
The IRS also said 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 deduction may not be taken on 2008 tax returns.
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