Can you write off sales tax for used car purchases?
Congress added a provision in the stimulus bill allowing people to write off sales tax for new car purchases. Does this also apply for used car purchases?
Unless the sales tax is part of a vehicle purchased as a business expense, you cannot deduct the sales tax paid from your federal tax return for a used vehicle purchase. The stimulus incentive you're referring to only applies to new vehicles up to a certain value +/- $50K.
Even the stimulus provision only applies to individuals who earn less than a certain amount (yes, in the great "redistribution of wealth", those who actually pay for the exemption are excluded from partaking in it).
Depending upon your particular needs, you may want to look into the ARRA deduction that allows you to depreciate a significant portion of certain body-on-frame vehicles purchased before Jan 1, 2010. By combining the $15,000 Section 192 deduction with the additional $10,000 of deductibility allowed under ARRA, I recently purchased a $23,000 Ford Transit Connect van that I can fully depreciate and deduct in its entirety on my 2009 taxes. Within 60 days of purchase, I will have received a full 50% of its value returned with my taxes. If you have a business that can make use of larger vehicles, deductions become even bigger.
Given the present unprecedented demand and short supply of used vehicles that have made them more expensive than ever combined with the many tax incentives, manufacturer rebates, and dealers eager to win year-end sales, you may find that a new vehicle can not only be had for much less than many used vehicles, but you can also do a great deal more to help the economy recover more quickly in the process.
Best of luck. I hope this helps.
How long do I have to pay used car sales tax in Missouri?
I just recently bought a used car on May 31, 2008 from a used car dealership where I live. I understand that I have to pay sales tax which is 7-8% in my area, get new plates, tags, etc. I have already updated my insurance and am awaiting the Title in my name. How long do I have until I have to pay the sales tax?
Thanks!
You will not get a title in your name until the sales tax is paid. The dealer probably collected the sales tax already.
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