If you purchased a new vehicle between the dates of 2/17/09 and 12/31/09, you may be able to deduct the amount of sales tax and certain fees paid. The deduction is limited to the first $49,500.00 of the purchase price of the vehicle. The deduction begins to phase out for the taxpayers with a modified Adjust Gross Income of more than $125,000 ($250,000 for Married Filing Joint). This deduction is available to you even if you don't itemize your deductions.
****Does that mean just getting a car and still paying monthly payments or must you have fully paid and owned the car??
****Does that mean just getting a car and still paying monthly payments or must you have fully paid and owned the car??