Endurance.Net Ridecamp Archives

Life is good.  Both my new truck and trailer will be qualified for  
this new federal income tax deduction.  An LQ trailer is classed as a  
motorhome/RV.  It's the "pony under the manure" in this massive waste  
of my tax dollars:

Auto Assistance Ownership amendment in the final economic stimulus  
package. This amendment provides tax breaks for new vehicle buyers by  
giving them a federal-income-tax deduction on local sales and excise  
taxes.

The deduction is limited to the state and local sales and excise taxes  
paid on up to $49,500 of the purchase price of a qualified new foreign  
or domestic cars, SUV's, light trucks, motor homes or motorcycles that  
weigh no more than 8,500 pounds. You can still buy a qualifying  
vehicle for more than $49,500 (e.g a $80,000 BMW per a commenter's  
question below), but will only get a tax deduction up to the specified  
limit.

  The deduction is only available to families making less than  
$260,000 (or $135,000 for single filers). It is phased out for  
taxpayers whose modified adjusted gross income is between $125,000 and  
$135,000 for individual filers and between $250,000 and $260,000 for  
joint filers.

  The new vehicle must be purchased on or after Feb. 17, 2009, and  
before Jan. 1, 2010, to qualify for the deduction. Purchases before  
Feb. 17, 2009, are not eligible for this special deduction.

  The special deduction is available regardless of whether a taxpayer  
itemizes deductions on their return (Schedule A). The deduction cannot  
be taken on 2008 tax returns (even if they are amended or filed late).

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