I bought a car in July 2009. It was a 2008 Honda with only 5,000 miles on it. Tecnically the car is used, but Bank of America treated my auto loan as a NEW car loan (I’m assuming because the car was barely used). I know you can write off the sales tax of a new car purchased in 2009, but what about in this case?
Can I receive sales tax write off on barely used car when bank treated the loan as a new car?
18
May
9 Comments
Posted in Uncategorized
Tags: Bank, barely, Loan, Receive, Sales, treated, Used, write
Bostonian In MO
May 18, 2010 at 1:22 pm
“Tecnically the car is used” answers your question. The answer is “No.” You must be the FIRST registered owner of the vehicle to qualify for the tax break.
The fact that it was new enough to qualify for bank rates reserved for “new” vehicles is irrelevant. If you have great credit you can often get “new car” rates on a vehicle that is as much as 5 years old.
Joel A
May 18, 2010 at 1:57 pm
Only if you are the first registered owner of the car, for instance if it was used as a dealer demo, then you can claim it as new.
Jss
May 18, 2010 at 2:15 pm
No, it must be new car. You must be the first owner.
“Taxpayers who buy a new passenger vehicle in 2009 (after Feb. 16, 2009, and before Jan. 1, 2010) may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns.”
William
May 18, 2010 at 2:57 pm
“Almost new” and “barely used” do not qualify. You must be the ORIGINAL registered owner. The terms of your BofA loan have nothing to do with it.
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Jazs
May 18, 2010 at 5:09 pm
Since the car is not new and you are not its first owner, then it’s a NO.