Resch [IRS spokesperson] reported that the qualifying purchase of the new car, light truck, motor home or motorcycle must have occurred between Feb. 17, 2009, and before the end of the year.
“A person can deduct the taxes paid on up to $49,500 of the (vehicle) purchase price … regardless of whether or not the taxpayer itemizes,” she said, but the deduction begins to phase down for taxpayers with an annual gross income of $125,000 for an individual and $250,000 for those filing jointly.
Many recent home buyers may be aware of the first-time home buyer federal housing tax credit on homes purchased in 2009, but fewer may be familiar with the move-up/repeat home buyer tax credit on homes purchased after Nov. 6.
First-time home buyers may qualify for a tax credit of up to $8,000 while repeat home buyers may qualify for up to $6,500 in tax credits, Resch said.
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