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Topic: New Car
Buy home or new vehicle, get tax break
July 19, 2009 | 
Purchase of Home or New Vehicle Could Generate Tax Break
NASHVILLE – If you’re considering buying a main home or a new vehicle, the Internal Revenue Service wants you to know you may qualify for a tax credit or a deduction after the purchase.
“Qualifying homebuyers generally can file for the First-Time Homebuyer Credit immediately after they purchase a home,” said IRS spokesman Dan Boone. “However, the deduction for buying a new vehicle is taken when you file your 2009 tax return next year.”
Homebuyers can get a tax credit, while new vehicle buyers can get a tax deduction. A tax credit comes directly off the taxes you owe, while a deduction lowers your taxable income, indirectly reducing your taxes. «Read the rest of this article»
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