IRS Reminds Car Shoppers about Tax Break

The IRS reminded car shoppers that they have until 12/31/09 to take advantage of a tax break that may not be around in 2010. Individuals who buy a qualifying new vehicle (which includes new passenger autos, light trucks, motorcycles, and motor homes) can deduct the state or local sales or excise taxes they paid on the first $49,500 of the purchase price. This break is available whether the buyer itemizes deductions or claims the standard deduction, but is reduced for joint filers with modified adjusted gross incomes (MAGI) between $250,000–$260,000 and other taxpayers with MAGI between $125,000–$135,000.

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