ATTENTION! Please post for ALL to see!

strobi · 12-21-2009, 09:43 AM

This year 2009, there is a special tax deduction under the American Recovery and Reinvestment Act, it allows taxpayers to take a deduction for state, local, and excise taxes paid on the purchase of new cars, light trucks, motor home and motorcycles. This is for new vehicles purchased (date you take possesion of) from Feb 17, 2009 through Dec. 31 2009. Go to www.irs.gov, center of page and click on tax benefits of the American Recovery Act, then the next page, Money Back for New vehicle purchases.
You do not have to itemize to take this deduction! Take advantage of this one time tax credit! Mike

2010 SSRS · 12-21-2009, 09:47 AM

cool

garagelogic · 12-21-2009, 09:49 AM

There's been a provision to deduct state and local sales taxes from your federal returns for a couple of years now. Is this something new?

2Fast4U2010 · 12-21-2009, 09:53 AM

went to the center of the page, did not see "Tax benefits of American Recovery Act"? Is it on the left column? A little help. Thanks

strobi · 12-21-2009, 06:02 PM

Its in the center of the page, just below the picture of the money and the other 3 pictures that rotate in that little block

strobi · 12-21-2009, 06:05 PM

yes there has been..but not the full tax you paid on the vehicle, this is new and maybe only for this year....check it out! It well worth your time!

BackinBlackSS/RS · 12-21-2009, 07:08 PM

Do a search, there are lots of posts in here about the details of this.

TonyNo · 12-21-2009, 07:15 PM

http://www.irs.gov/newsroom/article/...204519,00.html

*DGthe3* · 12-22-2009, 10:48 AM

since this was not a site related announcement, I've moved it to general automotive

Captain Awesome · 12-22-2009, 12:06 PM

Quote:

Originally Posted by garagelogic

There's been a provision to deduct state and local sales taxes from your federal returns for a couple of years now. Is this something new?

This year it is "Historic".

Chrisrp454 · 12-22-2009, 01:43 PM

Great!
Thanks, I thought you had to itemize!

LittleRockCGM · 01-01-2010, 09:56 AM

Great - that is good information!

12-21-2009, 09:43 AM	#1
strobi MJ STROH Drives: 2010 Camaro 2LTRS Join Date: Aug 2009 Location: Buffalo, WY Posts: 185 View My Garage	ATTENTION! Please post for ALL to see! This year 2009, there is a special tax deduction under the American Recovery and Reinvestment Act, it allows taxpayers to take a deduction for state, local, and excise taxes paid on the purchase of new cars, light trucks, motor home and motorcycles. This is for new vehicles purchased (date you take possesion of) from Feb 17, 2009 through Dec. 31 2009. Go to www.irs.gov, center of page and click on tax benefits of the American Recovery Act, then the next page, Money Back for New vehicle purchases. You do not have to itemize to take this deduction! Take advantage of this one time tax credit! Mike

12-22-2009, 10:48 AM	#9
DGthe3 Moderator.ca Drives: 05 Grand Am GT Join Date: Jul 2007 Location: Niagara, Canada Posts: 25,366	since this was not a site related announcement, I've moved it to general automotive __________________ Note, if I've gotten any facts wrong in the above, just ignore any points I made with them __________________ Originally Posted by FbodFather My sister's dentist's brother's cousin's housekeeper's dog-breeder's nephew sells coffee filters to the company that provides coffee to General Motors...... ........and HE WOULD KNOW!!!! __________________ Camaro Fest sub-forum

12-22-2009, 01:43 PM	#11
Chrisrp454 Drives: 2010 ABM 2SS/RS M6, 98Z28 M6 Join Date: Jan 2008 Location: Granbury, Tx Posts: 1,531 View My Garage	Great! Thanks, I thought you had to itemize! __________________ Always Remember! Rest in Peace Brothers 9/11/2001. And thanks to all those who defend and serve! Ordered 5/23/2009 3400 with TPW of 08/03/09 3800 8/11/2009 Arrived 8/21/2009 2SS/RS/Aqua Blue/Grey Interior

01-01-2010, 09:56 AM	#12
LittleRockCGM Drives: 2010 Camaro CGM/IOM 2SS/RS Join Date: Oct 2009 Location: Little Rock, AR Posts: 727 View My Garage	Great - that is good information! __________________ 2SS/RS CGM/IOM stripes/IOM interior Manual 1100 11/3/09 - Order Submitted (NQTRTW) 2500 11/4/09 - Order Preferenced 3300 11/11/09 - Order Scheduled for Production (TPW 11/23/09) 3400 11/17/09 - Order Broadcast 3800 11/23/09 - Build Complete (VIN: 2G1FT1EWXA9170886) 4000 11/26/09 - Ready to Ship 4200 11/30/09 - Shipped (ETTX854262) 5000 12/11/09 - Delivered to Dealer 6000 12/12/09 - Delivered to Customer (It's Mine!)

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12-21-2009, 09:47 AM	#2
2010 SSRS Drives: 3 V8 Camaros Join Date: May 2009 Location: The Ocean State Posts: 111,186 View My Garage	cool

12-21-2009, 09:49 AM	#3
garagelogic Account Suspended Drives: 2010 Shelby GT500 Join Date: Jul 2008 Location: Tennessee Posts: 1,686 View My Garage	There's been a provision to deduct state and local sales taxes from your federal returns for a couple of years now. Is this something new?

12-21-2009, 09:53 AM	#4
2Fast4U2010 Drives: Camaro 2SS Join Date: Jun 2009 Location: Brunswick, GA Posts: 179 View My Garage	went to the center of the page, did not see "Tax benefits of American Recovery Act"? Is it on the left column? A little help. Thanks

12-21-2009, 06:02 PM	#5
strobi MJ STROH Drives: 2010 Camaro 2LTRS Join Date: Aug 2009 Location: Buffalo, WY Posts: 185 View My Garage	Its in the center of the page, just below the picture of the money and the other 3 pictures that rotate in that little block

12-21-2009, 06:05 PM	#6
strobi MJ STROH Drives: 2010 Camaro 2LTRS Join Date: Aug 2009 Location: Buffalo, WY Posts: 185 View My Garage	yes there has been..but not the full tax you paid on the vehicle, this is new and maybe only for this year....check it out! It well worth your time!

12-21-2009, 07:08 PM	#7
BackinBlackSS/RS Go Blue!!!!! Drives: 2012 Cruze LT Join Date: Mar 2009 Location: Indiana Posts: 23,290	Do a search, there are lots of posts in here about the details of this.

12-21-2009, 07:15 PM	#8
TonyNo Drives: 2016 2SS, SW Join Date: Oct 2009 Location: Chicago Suburbs Posts: 1,079	http://www.irs.gov/newsroom/article/...204519,00.html