Stimulus New-Car Tax Credit

doodads · 02-17-2009, 09:44 AM

I believe that this is a federal credit, not a state credit.

Monterra · 02-17-2009, 10:50 AM

See earlier post with link, the incentive is for car buyers best I can tell. But there's always value in doing your own research- ie maybe I'm wrong...

Quote:

Originally Posted by BimmerLearner

Link?

SLO · 02-19-2009, 02:44 PM

Double crap...it only applies if you make under $250K/year.

dmailloux · 02-19-2009, 03:07 PM

Quote:

Originally Posted by SLO

Double crap...it only applies if you make under $250K/year.

Oh poor you

LOL

HappyNDing · 02-19-2009, 03:43 PM

This is big for people who are looking to purchase new cars soon (i.e. ME). The sales tax is 8.25% where I live so buying a $37k 135i would come out to be around $3,000.

Since I qualify for the income requirements and the car is under $49k, does that mean I'm able to get all of the $3,000 credit back on my taxes?

nordique14 · 02-19-2009, 03:52 PM

Quote:

Originally Posted by SLO

Double crap...it only applies if you make under $250K/year.

families over $250k or individuals over 125k.

and yes...double crap.

JB135i · 02-19-2009, 04:15 PM

I am really f-ing glad I get to pay for my car and now I get to f-ing pay for everyone else's f-ing car too.

Doesn't anyone get this? ALL OF US ARE PAYING FOR EVERYONE'S ELSE'S CRAP NOW! You wanna buy a car, good, YOU go buy one and YOU pay for it, leave my cash out of it!

This is not good, why should I have to subsidize anyone else's car purchase? Please tell me!

Why do I have to help someone to buy a Chevy Aveo or a Dodge Nitro? Why do I have to subsidize shitty union built cars that no one wants? TELL ME! Therein lays the answer, this is a union bailout btw in case you all didn't know!

I want you guys to subsidize an aquarium purchase for me!!! I like aquariums, the aquarium industry is hurting, sales are way down! It's no different. (I actually don't know if aquarium sales are down, it's just to illustrate the point)

Blah blah blah, GM and Chrysler will die, so f-ing what. The same number of cars will inherantly be sold (bought), but they will be built by some other company. The same number of employees will need to build those cars, maybe not working at GM, but somewhere.

It's not a national security issue either, don't even use that argument. The next war (big) will not be fought with anything GM could f-ing build anyway. You really think Dodge is gonna build a war machine? Hell, they can't keep their regular vehicles from dying, how are they gonna build something the military can rely on? It's going to be missles and some planes. Sure we need Hummers and crap for this low level stuff, but those are getting built easily now anyway.

I need a drink, this is really pissing me off......

Call · 02-19-2009, 05:07 PM

Quote:

Originally Posted by HappyNDing

This is big for people who are looking to purchase new cars soon (i.e. ME). The sales tax is 8.25% where I live so buying a $37k 135i would come out to be around $3,000.

Since I qualify for the income requirements and the car is under $49k, does that mean I'm able to get all of the $3,000 credit back on my taxes?

No, it's not a credit, it's an allowable deduction...it will decrease your AGI, adjustable gross income.

Call

Monterra · 02-20-2009, 07:01 AM

It's an "above the line" deduction (you'll get it whether or not you itemize) NOT a credit as we've stated here ad nauseum. The formula (again):
$taxes paid * $your marginal tax rate = $$ you'll save.
If you're married I even included the tax rates earlier in the thread, singles are on your own- its a 30 second search.

Quote:

Originally Posted by HappyNDing

This is big for people who are looking to purchase new cars soon (i.e. ME). The sales tax is 8.25% where I live so buying a $37k 135i would come out to be around $3,000.

Since I qualify for the income requirements and the car is under $49k, does that mean I'm able to get all of the $3,000 credit back on my taxes?

Russo · 02-21-2009, 08:39 AM

tax credits / increased tax deductions are always good IMO, i'd rather get a tax break than a check in the mail...

dbtheo · 02-21-2009, 11:49 AM

http://www.1addicts.com/forums/showthread.php?t=233627

mleskovar · 02-22-2009, 10:52 PM

Quote:

Originally Posted by JB135i

...I need a drink, this is really pissing me off......

I'll be ordering in a month so this is welcomed....but I would rather not see it at all.

imported_mega · 02-23-2009, 09:46 AM

Quote:

Originally Posted by JB135i

I am really f-ing glad I get to pay for my car and now I get to f-ing pay for everyone else's f-ing car too.

Doesn't anyone get this? ALL OF US ARE PAYING FOR EVERYONE'S ELSE'S CRAP NOW! You wanna buy a car, good, YOU go buy one and YOU pay for it, leave my cash out of it!

your not paying for my car's sales tax, all they are doing is letting ME keep a little more of MY money

BimmerLearner · 02-23-2009, 11:18 AM

Quote:

Originally Posted by imported_mega

your not paying for my car's sales tax, all they are doing is letting ME keep a little more of MY money

So where do you think the short fall in revenue is going to come from?

cadeucsb · 02-23-2009, 11:46 AM

Quote:

Originally Posted by BimmerLearner

So where do you think the short fall in revenue is going to come from?

as of now, its coming out of the money printing machine...you will pay for it by the dollar devaluing due to inflation in the coming years.

mleskovar · 02-23-2009, 11:55 AM

Quote:

Originally Posted by cadeucsb

as of now, its coming out of the money printing machine...you will pay for it by the dollar devaluing due to inflation in the coming years.

And taxes...so depending on where you are in the tax structure will determine how much you pay towards someone else buying a car. I think that's the complaint. I plan to take advantage of it. I don't like it though. It will probably just offset my increased California sales and car registration taxes

cadeucsb · 02-23-2009, 12:02 PM

Quote:

Originally Posted by mleskovar

And taxes...so depending on where you are in the tax structure will determine how much you pay towards someone else buying a car. I think that's the complaint. I plan to take advantage of it. I don't like it though. It will probably just offset my increased California sales and car registration taxes

this specific deduction is entirely funded by the stimulus...your increased taxes are because california is a sinking ship currently.

In the future, who knows where taxes will have to go after the money supply is reduced to stem inflation.

mleskovar · 02-23-2009, 12:58 PM

Quote:

Originally Posted by cadeucsb

this specific deduction is entirely funded by the stimulus...your increased taxes are because california is a sinking ship currently.

In the future, who knows where taxes will have to go after the money supply is reduced to stem inflation.

Correct, but I wasn't referring to State taxes for funding the stimulus. The stimulus will be partially funded by an increase in federal income taxes....no?

Elsabor67 · 02-23-2009, 12:58 PM

So just to confirm, if you buy a new car lets say now, can you add the deduction to your filing now? Also, would it affect people that purchase vehicles through the military sales program?

singular · 02-23-2009, 01:19 PM

Quote:

Originally Posted by mleskovar

Correct, but I wasn't referring to State taxes for funding the stimulus. The stimulus will be partially funded by an increase in federal income taxes....no?

...or by printing more money. Seen the price of gold lately?

135iUSN · 03-06-2009, 11:21 AM

Quote:

Originally Posted by Elsabor67

So just to confirm, if you buy a new car lets say now, can you add the deduction to your filing now? Also, would it affect people that purchase vehicles through the military sales program?

I would think not, as the sale is already tax free, unless you went home in '09, and then were subject to the tax upon arrival. Some states exempt the sales tax when you go home or tax the value of the vehicle at the time - depending on the state - my state taxes the purchase value. And since I won't be going until 2010, then no credit for me, unless, Mr O extends this windfall of cash he seems to have

02-17-2009, 09:44 AM	#23
doodads New Member 1 Rep 22 Posts Drives: 530i (Present) Join Date: Feb 2009 Location: North Bethesda, MD iTrader: (0)	I believe that this is a federal credit, not a state credit.
	Appreciate 0 Quote

02-19-2009, 02:44 PM	#25
SLO Shane 41 Rep 363 Posts Drives: M3, RRS, LR4 Join Date: Jan 2009 Location: Portland, OR iTrader: (0)	Double crap...it only applies if you make under $250K/year.
	Appreciate 0 Quote

02-19-2009, 03:43 PM	#27
HappyNDing Private First Class 4 Rep 161 Posts Drives: It drives me Join Date: Apr 2008 Location: E. Bay iTrader: (0)	This is big for people who are looking to purchase new cars soon (i.e. ME). The sales tax is 8.25% where I live so buying a $37k 135i would come out to be around $3,000. Since I qualify for the income requirements and the car is under $49k, does that mean I'm able to get all of the $3,000 credit back on my taxes?
	Appreciate 0 Quote

02-19-2009, 04:15 PM	#29
JB135i Lieutenant 17 Rep 478 Posts Drives: 135i Join Date: Apr 2008 Location: SW burbs iTrader: (0)	I am really f-ing glad I get to pay for my car and now I get to f-ing pay for everyone else's f-ing car too. Doesn't anyone get this? ALL OF US ARE PAYING FOR EVERYONE'S ELSE'S CRAP NOW! You wanna buy a car, good, YOU go buy one and YOU pay for it, leave my cash out of it! This is not good, why should I have to subsidize anyone else's car purchase? Please tell me! Why do I have to help someone to buy a Chevy Aveo or a Dodge Nitro? Why do I have to subsidize shitty union built cars that no one wants? TELL ME! Therein lays the answer, this is a union bailout btw in case you all didn't know! I want you guys to subsidize an aquarium purchase for me!!! I like aquariums, the aquarium industry is hurting, sales are way down! It's no different. (I actually don't know if aquarium sales are down, it's just to illustrate the point) Blah blah blah, GM and Chrysler will die, so f-ing what. The same number of cars will inherantly be sold (bought), but they will be built by some other company. The same number of employees will need to build those cars, maybe not working at GM, but somewhere. It's not a national security issue either, don't even use that argument. The next war (big) will not be fought with anything GM could f-ing build anyway. You really think Dodge is gonna build a war machine? Hell, they can't keep their regular vehicles from dying, how are they gonna build something the military can rely on? It's going to be missles and some planes. Sure we need Hummers and crap for this low level stuff, but those are getting built easily now anyway. I need a drink, this is really pissing me off......
	Appreciate 0 Quote

02-21-2009, 08:39 AM	#32
Russo Commander 4 Rep 320 Posts Drives: 09 Dodge Dakota Big Horn Join Date: Feb 2008 Location: Raceland, LA iTrader: (0)	tax credits / increased tax deductions are always good IMO, i'd rather get a tax break than a check in the mail... __________________ FS: CT9A parts and Enkei Wheels!!! PST BLUEFAKES.COM ARE SCAMMERS, LIERS, AND CHEATERS! DO NOT BUY FROM THEM!!!
	Appreciate 0 Quote

02-21-2009, 11:49 AM	#33
dbtheo 1addicts CA 82 Rep 1,245 Posts Drives: 2005 330i ZHP cic, 2021 X5 40i Join Date: May 2006 Location: Tampa, Florida iTrader: (0) Garage List 2005 330i cv ZHP [0.00]	Please click below for detailed information... http://www.1addicts.com/forums/showthread.php?t=233627
	Appreciate 0 Quote

02-23-2009, 12:58 PM	#41
Elsabor67 aiming for 450..... 303 Rep 2,910 Posts Drives: Totaled :-( Join Date: Feb 2009 Location: Louisiana iTrader: (28) Garage List 2009 135i [10.00]	So just to confirm, if you buy a new car lets say now, can you add the deduction to your filing now? Also, would it affect people that purchase vehicles through the military sales program? __________________ Quote from Ezeedee regarding car mods: "you're only done when you sell the car "
	Appreciate 0 Quote