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Car Forum / Toyota / Toyota Cars / August 2009{OT} Some Surprised By 'Clunker' Tax
ho-hum, a tax??....LOL <http://www.keloland.com/NewsDetail6162.cfm?Id=0,89084> -- > ho-hum, a tax??....LOL > > <http://www.keloland.com/NewsDetail6162.cfm?Id=0,89084> That's interesting. Tax on Free Money. In Mass, you pay the tax on the final sale price of the car, the actual amount of money that went from you to the dealer. "Incentives" are deducted from the selling price of the car, and are not taxable. I wonder how the Commonwealth of Taxachusetts is handling this. My WAG would be that this "CFC" is considered a down payment. As you say manfacturer incentives are deducted from the selling price. They may treat it as an incentive but I doubt it. If there is a chance to get a tax, you can bet the locals will go after it too. Ron in Idaho >> ho-hum, a tax??....LOL >> [quoted text clipped - 7 lines] > > I wonder how the Commonwealth of Taxachusetts is handling this. But the government money is not an incentive that is deduced, it's income that's added. my guess too Jeff - still will pay tax on selling price > my guess too Jeff - still will pay tax on selling price ... and INCOME to list on your 1040 in April. I recently bought a BlackBerry for my daughter, and they charged California Sales Tax (8.25%) on the VALUE of the phone, not the price of it. Verizon offfered the phone at a deep discount but Arnold wants his cut from the full retail price that somebody on Mars says the unit should be worth. They could come out and say the retail value is $5,000, but you can get yours today for $149 if you hurry. The state would then collect sales tax on $5,000 not on the sales price. How long will it take some bean counter to decide that the Deep Discount is INCOME? |
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