Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-23-2010, 01:49 PM
Junior Member
 
Join Date: Jan 2009
Posts: 10
Are there are income restrictions on the Auto Sales Tax Deduction for 2009?

I was wondering if the IRS had kept an income limitation for the New Vehicle Sales tax deduction for 2009. If so, can you please tell me what that Adjusted Gross Income Limitation is for 2009?

Thanks..!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-23-2010, 03:26 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Well, according to the IRS with respect to the New Vehicle Sales Tax Deduction,there a couple of limitations that apply and these are as follows;

1)the deduction is limited to the taxes and fees paid on up to $49,500 of the purchase price of an eligible vehicle.

2)the deduction is reduced for joint filers with modified adjusted gross incomes (MAGI) between $250,000 and $260,000 and other taxpayers with MAGI between $125,000 and $135,000.

3)taxpayers with higher incomes do not qualify.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What is the maximum purchase value of a new vehicle to qualify for sales tax deduction in 2009? TaxGuru For 2009 0 02-09-2010 12:42 PM
IRS Allows deduction for sales & use tax imposed on purchase of new vehicles in 2009! TaxGuru Itemized Deductions 0 11-26-2009 07:35 PM
Does New Jersey allow the Federal Sales Tax Deduction for Income Tax purposes in 2009 TaxGuru New Jersey 0 09-29-2009 08:15 PM
The ARR Act of 2009 offers a Sales Tax Deduction for purhase of new vehicle in 2009. TaxGuru For 2009 0 07-03-2009 09:50 AM
Sales Tax Deduction for Vehicle Purchases 2009 Samatg Tax News 0 02-23-2009 04:00 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.