The popular Cash for Clunkers program came to a screeching halt on Aug. 24. If you bought a new vehicle under the government's economic-stimulus program, you could get yet another stimulus benefit when you file your 2009 federal tax return.
Bought a car? A boat? A plane? Sales tax is deductibleBought a car A boat A plane Sales tax is deductibleHouston Chronicle
If you take the sales tax deduction, be sure to keep your receipts for the big-ticket items you bought and, if you’ve taken the trouble to track actual sales taxes paid in 2024, keep all your sales receipts handy in case of an audit. Alternatively, use the IRS tables or sales tax ...
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I bought a new electric car. Am I eligible for any tax benefits? Maybe. People who bought anew electric vehiclemay again qualify for a tax credit of up to $7,500 in 2023 (and through 2032), but the eligibility rules have tightened: Your income and the car price must fall below a ce...
Owning a home can give you hefty tax write-offs each year. Here's a summary: Mortgage Interest: If you purchased your home before Dec. 16, 2017, you can deduct mortgage interest on loans up to $1 million. For homes bought after Dec. 15, 2017, the limit is $750,000. This limit...
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We have both realized and unrealized losses, as well as recognizable gains. Unrealized losses are not to be reported and refer to when the asset you bought drops in value, but you do not sell it immediately. Instead, wait until its value increases again and then sell it. You can only re...
Remember that you can also claim depreciation bonus, given that you bought the vehicle new. Do note that to be able to claim depreciation bonus, the company car must continue to be put in use for business purposes at least 50 percent of the time. In addition, your total deduction for a...
The best income is subjective. However, it is an income that enables an individual or family to save for retirement, take vacations, raise two kids, own a home, drive a safe car, and not feel like they are getting ripped off by the government. The best income also means you feel like...