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+--- Thread: Buy a Car, Get a Tax Break! (/showthread.php?tid=7976)
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Buy a Car, Get a Tax Break! - Ole - 02-03-2009
The U.S. Senate voted today to make loan interest and sales taxes on vehicle purchases deductible from federal income taxes.
The proposal, championed by the National Automobile Dealers Association, was added to an economic stimulus bill under debate in the Senate. The vote was 71-26.
The provision was not in a House-passed version of the more than $800 billion package of spending increases and tax cuts.
A conference committee will decide whether the provision stays in. The bill is a top priority of President Barack Obama.
If the measure passes, taxes on auto loans will be deductible for the first time since 1986.
The provision on deductibility of loan interest is the first significant measure aimed at getting consumers back into showrooms and buying vehicles to get action from Congress. NADA says the measure will save consumers about $1,500 on a $25,000 vehicle.
I wonder if it will only be on GM, Ford and Chrysler vehicles....
- D_Eclipse9916 - 02-03-2009
Oh shit...perfect time to buy a vehicle, wanted a loan anyway to help my credit, and I definitely need some deductibles.
Do you know when this is supposed to go into effect or when it might not?
- Sijray21 - 02-03-2009
does this count for current loans or new loans?
i will definitely keep an eye out for this.
- stevegula - 02-03-2009
You know - I support this more than I support giving manufacturers bail out money.
Less taxes always encourages business.
- Ole - 02-03-2009
stevegula Wrote:You know - I support this more than I support giving manufacturers bail out money.
Less taxes always encourages business.
According to the bible of capitalism.......Amen!
- Apoc - 02-03-2009
Now I feel stupid for getting a 0% loan.
- Sijray21 - 02-03-2009
Apoc Wrote:Now I feel stupid for getting a 0% loan.
i think i'd take that over being able to take advantage of this offer :-P
- Mike - 02-03-2009
Sijray21 Wrote:Apoc Wrote:Now I feel stupid for getting a 0% loan.
i think i'd take that over being able to take advantage of this offer :-P
get bolf!
- Apoc - 02-04-2009
Sijray21 Wrote:Apoc Wrote:Now I feel stupid for getting a 0% loan.
i think i'd take that over being able to take advantage of this offer :-P
No wai. Getting a tax return is worth like 5x not actually paying the money in the first place!
- D_Eclipse9916 - 02-04-2009
Yeah but if your stupid and miss that 0% loan, look at your stipulations, first of all look at interest if you even miss one payment....can be anywhere from 11-30% (yes 30 fucking percent, I did some research, of course it all depends on the loan), AND can be back interest. So not only do you now owe interest for the rest of your months, they can get you for the months youve already paid all the way back to your purchase.
Of course, if your a responsible individual, which you seem, it shouldnt be a problem, but I know I forget things every now and then or forget to shove money from one account to another and...yeah.
- Apoc - 02-04-2009
So what you're saying is if I don't pay I'll get to claim interest on all the payments I already made on my taxes!?
- mrbaggio - 02-04-2009
Sijray21 Wrote:does this count for current loans or new loans?
i will definitely keep an eye out for this.
maybe you can refi it when the bill passes
- Sijray21 - 02-04-2009
Apoc Wrote:Sijray21 Wrote:Apoc Wrote:Now I feel stupid for getting a 0% loan.
i think i'd take that over being able to take advantage of this offer :-P
No wai. Getting a tax return is worth like 5x not actually paying the money in the first place!
i think i'm missing something. can you explain this?
- Evan - 02-04-2009
Sijray21 Wrote:does this count for current loans or new loans?+1
and only on new car loans or used car loans too?
- .RJ - 02-04-2009
D_Eclipse9916 Wrote:Of course, if your a responsible individual, which you seem, it shouldnt be a problem, but I know I forget things every now and then or forget to shove money from one account to another and...yeah.
![[Image: poster31309404.jpg]](http://i68.photobucket.com/albums/i26/phobus/poster31309404.jpg)
- ScottyB - 02-04-2009
hahaha that is comedy gold
- Apoc - 02-04-2009
Sijray21 Wrote:Apoc Wrote:No wai. Getting a tax return is worth like 5x not actually paying the money in the first place!
i think i'm missing something. can you explain this?
I didn't include the sarcasm tag for entertainment purposes.
- .RJ - 02-04-2009
If you make too much money, you wont be able to claim it because obviously you dont need it.
I'm just bitter.
- D_Eclipse9916 - 02-04-2009
.RJ Wrote:If you make too much money, you wont be able to claim it because obviously you dont need it.
I'm just bitter.
Whats the limit? I hate that shit, they do that for Roth IRA contributions, Financial Aid, Scholarships, everything nowadays.
- .RJ - 02-04-2009
D_Eclipse9916 Wrote:Whats the limit?
I'm just speculating because I'm bitter, so I dont know.