Comments on: Cash for Clunkers Tax Rules http://ptmoney.com/cash-for-clunkers-tax-rules/ Real Personal Finance for a Life Without Limits! Mon, 13 Feb 2012 00:35:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: chasd60http://ptmoney.com/cash-for-clunkers-tax-rules/comment-page-1/#comment-4763 chasd60 Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=3612#comment-4763 http://www.irs.gov/newsroom/article/0,,id=211310,00.html http://www.irs.gov/newsroom/article/0,,id=211310,00.html

]]> By: chasd60http://ptmoney.com/cash-for-clunkers-tax-rules/comment-page-1/#comment-4762 chasd60 Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=3612#comment-4762 Q. What is this new car sales tax deduction?A. The American Recovery and Reinvestment Act of 2009 provides a deduction for state and local sales and excise taxes paid on the purchase of qualified new vehicles through 2009. Q. What is this new car sales tax deduction?

A. The American Recovery and Reinvestment Act of 2009 provides a deduction for state and local sales and excise taxes paid on the purchase of qualified new vehicles through 2009.

]]> By: The Biz of Lifehttp://ptmoney.com/cash-for-clunkers-tax-rules/comment-page-1/#comment-4649 The Biz of Life Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=3612#comment-4649 I know the state of MD charges sales tax (6%, I believe) on the full Kelly Blue Book value. So if you buy a car for $18,000, they would calculate tax by adding the $4500 back in. So you get to pay taxes on a base of $22,500. I know the state of MD charges sales tax (6%, I believe) on the full Kelly Blue Book value. So if you buy a car for $18,000, they would calculate tax by adding the $4500 back in. So you get to pay taxes on a base of $22,500.

]]> By: Robhttp://ptmoney.com/cash-for-clunkers-tax-rules/comment-page-1/#comment-4643 Rob Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=3612#comment-4643 Can the government apply the C.A.R.S. rebate to a customers back taxes (federal)? Stories are circulating that indeed this is happening leaving the dealer on the hook for the balance. I would like to comment on the "trade theory" posted yesterday. Under the C.A.R.S. program your actually turning your car over to the government for a $3,500/$4,500 payment. The dealer facilitates paperwork and ensures the car is recycled on your behalf. A trade-in is when someone actually sells their car to a dealer and is paid by the dealer. Under the C.A.R.S. the dealer is not buying a customers car. Can the government apply the C.A.R.S. rebate to a customers back taxes (federal)? Stories are circulating that indeed this is happening leaving the dealer on the hook for the balance. I would like to comment on the “trade theory” posted yesterday. Under the C.A.R.S. program your actually turning your car over to the government for a $3,500/$4,500 payment. The dealer facilitates paperwork and ensures the car is recycled on your behalf. A trade-in is when someone actually sells their car to a dealer and is paid by the dealer. Under the C.A.R.S. the dealer is not buying a customers car.

]]> By: Maxwellshttp://ptmoney.com/cash-for-clunkers-tax-rules/comment-page-1/#comment-4636 Maxwells Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=3612#comment-4636 If the consumers car is being "traded-in" to a Dealership, shouldn't it be treated just like any other trade-in? The dealership is the one taking advantage of the Government program by applying for and then receiving these Government checks. If the consumers car is being “traded-in” to a Dealership, shouldn’t it be treated just like any other trade-in? The dealership is the one taking advantage of the Government program by applying for and then receiving these Government checks.

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