Tax deductions on new Mustang Purchases!
03-19-2009, 06:31 PM
#1
6th Gear Member
Thread Starter
Join Date: Apr 2005
Location: West Los Angeles
Posts: 5,390
Tax deductions on new Mustang Purchases!
Just got back from getting my taxes done. The only thing good I found was that I found that in the American Recovery and Reinvestment Act of 2009 there is a tax deduction for the state and local sales tax on a vehicle purchased in 2009 for under $49,500!
With sales tax in CA jumping up to something like 9.25% next month this could be that little push I need to get a newer Mustang and not spend the $5000+ to fix mine up.
Plus, because I had huge losses this year I'll be getting a big refund... tempting!
I'd love to put in an order for one of the first 2010 GT's but really need to see the Grabber Blue in person to see if I could live with it or if I should go with the Sunset Gold or Kona Blue.
I've been noticing how boring so many cars on the road are lately and for safety's sake I want something that stands out a little.
So anyone else willing to jump into a new car in 2009? Being able to write off almost $3000 might help!
With sales tax in CA jumping up to something like 9.25% next month this could be that little push I need to get a newer Mustang and not spend the $5000+ to fix mine up.
Plus, because I had huge losses this year I'll be getting a big refund... tempting!
I'd love to put in an order for one of the first 2010 GT's but really need to see the Grabber Blue in person to see if I could live with it or if I should go with the Sunset Gold or Kona Blue.
I've been noticing how boring so many cars on the road are lately and for safety's sake I want something that stands out a little.
So anyone else willing to jump into a new car in 2009? Being able to write off almost $3000 might help!
03-20-2009, 11:11 AM
#4
4th Gear Member
Join Date: Jul 2007
Location: TN
Posts: 1,895
03-30-2009, 02:43 PM
#7
2nd Gear Member
Join Date: Apr 2006
Location:
Posts: 298
It'll be on your income tax form next year for the 2009 year. I'm going to have to remember to put my 09 GT on it when that time comes. They're raising taxes and registration fees on all new cars this year too I think after this month is over. So I had to buy mine this month but I got some rebates.
03-30-2009, 03:09 PM
#8
Gentleman's Relish
Join Date: Feb 2005
Location: AZ
Posts: 13,090
Most state income taxes allow you to take the standard deduction or the itemized deduction. In AZ for example when I bought my 08 Stang and my daughters used 06 I chose the itemized deduction. That allowed me to claim the Sales tax paid on both cars. Ended up with getting back an extra $400 going that way.
Never heard of the fed allowing that...
Keep in mind if you don't itemize your federal taxes, you can't itemize your state.
Other thing to keep in mind, I don't know how this federal tax relief you mentioned will be enacted but in most cases you WILL NOT be able to take advantage of it. If you do not itemize your taxes...meaning, if you don't have a mortgage or kids, or something where you want to itemize, the tax relief won't apply to you most likely.
Not sure but until I see the tax provision it's a guess.
Never heard of the fed allowing that...
Keep in mind if you don't itemize your federal taxes, you can't itemize your state.
Other thing to keep in mind, I don't know how this federal tax relief you mentioned will be enacted but in most cases you WILL NOT be able to take advantage of it. If you do not itemize your taxes...meaning, if you don't have a mortgage or kids, or something where you want to itemize, the tax relief won't apply to you most likely.
Not sure but until I see the tax provision it's a guess.
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