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Monday, July 15, 2024

Tax Deduction for 2009 Vehicle Purchases

If you purchased a new vehicle between February 17 and December 31, 2009 you may be able to receive a tax deduction according to the Internal Revenue Service. This program is not to be confused with the government’s earlier CARS or “Cash for Clunkers” program. Instead it is part of the American Recovery and Reinvestment Act of 2009, which provides a deduction for state, local and excise taxes paid on the purchase of qualified vehicles in 2009. You must claim this deduction on your 2009 tax return to receive.

To claim the deduction you must be the primary owner of a new passenger automobile, light truck or motorcycle, purchased between February 17 – December 31, 2009. The vehicle must have a gross weight rating of 8,500 pounds or less. Used car purchase do not apply.

Visit the IRS website for further information on how to receive this deduction.