| If you purchased a new vehicle between the | | | | amount to the standard deduction on their 2009 |
| dates of February 16, 2009 and January 1, 2010, | | | | income tax return. |
| you might be entitled to a deduction for your | | | | The amount of allowable deduction phases out for |
| sales and excise taxes on your new vehicle. | | | | taxpayers with a modified adjusted gross income |
| State and local excise and sales taxes paid on up | | | | of between $125,000 to $135,000 for those filing |
| to $49,500 of the cost of your new vehicle may | | | | individually and a modified adjusted gross income |
| be tax deductible under this break for 2009. | | | | of between $250,000 to $260,000 for those who |
| Qualified vehicles include new cars, motor homes, | | | | file jointly. |
| light trucks, and motorcycles. | | | | Taxpayers, who do not itemize and claim a |
| There is a weight limit of 8500 pounds on new | | | | standard deduction, must file an attached Internal |
| cars, light trucks, and motorcycles. There are no | | | | Revenue Service Schedule L. |
| weight restrictions on mobile homes. | | | | Remember that there are more tax credits and |
| States like Alaska, Delaware, Hawaii, Montana, | | | | deductions available for your 2009 new car |
| New Hampshire and Oregon, where there are no | | | | purchase if you bought a hybrid or electric vehicle. |
| sales taxes, may meet qualifying requirements, as | | | | Some of these deductions and credits are quite |
| well. Any state or local fees applicable to the | | | | sizable. To qualify for some of these further |
| purchase of a new vehicle based upon the | | | | deductions, you may need to file an itemized |
| purchase price or per unit charge in such states, | | | | return for 2009. |
| may qualify as a deduction. | | | | For more information on qualifying requirements |
| You can take this deduction, even if you do not | | | | and filing instructions, you can visit the Internal |
| file an itemized return. Taxpayers filing the | | | | Revenue Service website at IRS.gov. |
| standard deduction should add the additional | | | | |