Ok I am really sorry, but what I am getting here is that since I purchased in 2009 I would not be able to claim anything on my purchase till filing my 2009 taxes in 2010, correct?

 

The final settlement would not come till 2010. However, you can arrange to reduce your withholding and/or estimated taxes to get the tangible benefit in 2009. I think you can safely trust our Congress not to screw around and change this new law before you file your 2009 taxes. After all, if you can't trust our Congress, then whom can you trust?

 

.... this is stupid that it is for only really recent car buyers. I bought my car just shy of a year ago....

 

Tell me about it. I bought a new Mazda in April '08 and the Fit on Sept 11, '08, so neither car qualifies.

Oh well, at least I have two decent cars, and don't owe a red cent on either.

 

So to simplify
If you bought your Fit between Nov. 12th - Dec. 31st 2008 or will be purchasing one in 2009 then you can use this credit when you file your 2009 taxes in Jan 2010
Correct?
Its great and all but everyone will have to wait an entire year to physically get the benefits

 

If you itemize on schedule A you can deduct sales tax on big ticket items anyways no matter when you bought your car. Thats not new at all.

 

No, you could change your witholding for the $250? to be enjoyed throughout this year.



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