IRS Announces Special Tax Break for New Car Purchases in 2009 (IR-2009-30)
The IRS has announced that taxpayers who buy
a new passenger vehicle in 2009 may be entitled to deduct
state and local sales and excise taxes paid on the purchase
on their 2009 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 with modified adjusted gross income
between $125,000 and $135,000 for individual filers and between
$250,000 and $260,000 for joint filers. The deduction is
available for vehicles purchased after February 16, 2009,
and before January 1, 2010, and may be claimed regardless
of whether taxpayers itemize deductions on their returns.
Taxpayers may not take this special deduction on their 2008
tax returns.
IR-2009-30, 2009FED ¶46,306 LK:NON: RULINK IR2009-30
Other References:
Code Sec. 164 LK:NON: IRC-FILE S164
CCH Reference - 2009FED ¶9502.0385 LK:NON: FEDLINK
P9502.0385
CCH Reference - 2009FED ¶9502.35 LK:NON: FEDLINK P9502.35
CCH Reference - 2009FED ¶9502.70 LK:NON: FEDLINK P9502.70
CCH Reference - 2009FED ¶9602.7244 LK:NON: FEDLINK
P9602.7244
CCH Reference - 2009FED ¶9602.87 LK:NON: FEDLINK P9602.87
Tax Research Consultant
CCH Reference - TRC INDIV: 45,104.15 LK:NON: FTF-TRO INDIV:45104.15
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