Re: Sale Tax Deductibility on New Car Purchases - Saab 9-3SS Bulletin Board - Saabnet.com
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Re: Sale Tax Deductibility on New Car Purchases
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Posted by Kevin Rhodes (more from Kevin Rhodes) on Thu, 26 Mar 2009 20:36:03 Share Post by Email
In Reply to: Sale Tax Deductibility on New Car Purchases, EGD [Profile/Gallery] , Thu, 26 Mar 2009 07:11:58
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On the tax deduction - note that it is a deduction, not a credit. So you are not going to get what you paid in sales tax back, rather you get to deduct that amount from your taxable income. As a rough estimate, figure that you will get about 1/3 of the sales tax back. This is dependent on your marginal Federal and State income tax rates, but 1/3 is a good ballpark figure in most places.

One very nice thing, this deduction is available whether you itemize your deductions or not. It is however, income capped.

Kevin Rhodes (former tax preparer, still do friends and family)
Westbrook, Maine
'08 Sportcombi, looking forward to deducting my $1243 next year, along with my $606 in Excise tax! Ouch!

posted by 74.75.3...

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