robin1234

Sorry if this question has already been covered adequately, but I didn't see it.

We bought a new car back in April or May, and hopefully I filed the invoice somewhere where I can find it. It was a Toyota Yaris and cost us about $13,000. Now we've just been told about a 2009 tax credit for the taxes paid on new cars purchased between February 17, 2009 and December 31, 2009!

We are vaguely thinking about replacing our other car too, but were not going to do anything till next spring. But we could just as easilly buy a new car right now, before Christmas. Does anyone know if you can get the credit for more than one car, if the total purchase price is below the upper price limit ($49,500?)

Thanks!

Rete

A credit from the State of New York or a federal tax credit. I've not heard of it myself.

Googled the answer for myself:

http://www.soundmoneymatters.com/new-car-tax-credit/

There are questions and answers at the end of the article it appears. Might be worth reading.

BTW it is not a tax credit but a tax deduction. It comes off your taxable income not off your tax owed. So the savings is minimal.

Peter Newton

Here is the information straight from the horse's mouth, so to speak!

You can claim the deduction whether or not you itemize too....

http://www.irs.gov/newsroom/article/...204519,00.html

robin1234

Yes, I read this IRS Press release before posting this morning; it doesn't cover the question of whether you can get the deduction for just one vehicle purchased, or for two. The first paragraph could be read as more than one vehicle, but the second paragraph (first sentence) seems to imply that the deduction is limited to one vehicle. But, that wouldn't be fair on people who file jointly, so I'm guessing you could get it for two vehicles.. I don't understand why there isn't more documentation available...

scrubbedexpat091

There is a whole page of FAQ's, just had to continue reading on the first page....

Q. Can I take the deduction for a second or third vehicle I purchase?

A. Yes. There is no limit on the number of cars for which you can claim the deduction, provided each car is a qualified vehicle under the law.


http://www.irs.gov/newsroom/article/...211310,00.html

robin1234

Oh jeez, I don't know how I missed that link - must have been because they labelled it "Questions & Answers" instead of Q&A! That answers all my questions.

My thanks to everyone who responded!