|
If you purchase a NEW (not used) qualified
motor vehicle between February 17, 2009 and December 31, 2009, you may
be able to deduct the sales tax above-the line (without itemizing
deductions). It only applies to the state or local sales or excise tax on the first $49,500 of the purchase price
of EACH vehicle purchased. You may purchase an unlimited number of
vehicles and claim this deduction on a per vehicle basis.
The deduction is gradually phased-out when
modified adjusted gross income exceeds $125,000 ($250,000 if married
filing jointly). The deduction is completely eliminated when modified
adjusted gross income exceeds $135,000 ($260,000 if married filing
jointly).
A "qualified motor vehicle" is a NEW
passenger automobile or light truck, or motorcycle with a gross vehicle
weight rating (GVWR) of 8,500 pounds or less, or a NEW motor home. You
MUST be the first owner of the vehicle.
|
