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[RC] auto assistance ownership amendment :) - Cindy Collins

Life is good. Both my new truck and trailer will be qualified for this new federal income tax deduction. An LQ trailer is classed as a motorhome/RV. It's the "pony under the manure" in this massive waste of my tax dollars:

Auto Assistance Ownership amendment in the final economic stimulus package. This amendment provides tax breaks for new vehicle buyers by giving them a federal-income-tax deduction on local sales and excise taxes.

The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new foreign or domestic cars, SUV's, light trucks, motor homes or motorcycles that weigh no more than 8,500 pounds. You can still buy a qualifying vehicle for more than $49,500 (e.g a $80,000 BMW per a commenter's question below), but will only get a tax deduction up to the specified limit.

The deduction is only available to families making less than $260,000 (or $135,000 for single filers). It 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 new vehicle must be purchased on or after Feb. 17, 2009, and before Jan. 1, 2010, to qualify for the deduction. Purchases before Feb. 17, 2009, are not eligible for this special deduction.

The special deduction is available regardless of whether a taxpayer itemizes deductions on their return (Schedule A). The deduction cannot be taken on 2008 tax returns (even if they are amended or filed late).


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