New car buyers may be eligible for tax breaks on their new car purchase. According to the IRS consumers who purchase a new car, light truck, motorcycle or motor home with a value less than $49,500 will be eligible for a tax deduction for the amount of sales tax paid on that vehicle. To qualify the purchase must of been made after Feb 16Th 2009 and before January 1st 2010. The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers. The deduction is available regardless of whether a taxpayer itemizes their return.
It may not be taken on 2008 tax returns.
Breakaway Honda
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