2010 Sales Tax Deductions For A New Car
You may be able to claim the 2010 sales tax deductions for a new car purchased after February 16, 2010 and before January 1, 2011.You are eligible for this tax deduction even if you do not choose to itemize your deductions. When filing your tax return, add the sales tax you paid to your standard deduction.
New Car Tax Deduction – Eligibility Criteria
There are few qualification requirements you should meet, in order to get sales tax deduction when you purchase a new vehicle.
- This 2010 Sales Tax Deductions For A New Car, light trucks and motorcycles.
- The cost of a qualified vehicle subject to the sales tax deduction is limited to $49,500.
- The Adjusted Gross Income does not have to exceed $250,000 for married taxpayers and $125,000 for singles.
There are states that they do not have a sales tax. In this case, you may be able to qualify for a deduction for other taxes you paid. If you have questions about the 2010 sales tax deductions for a new car or any other question we may be able to help with, please contact us today.