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Old 11-20-2009, 09:52 PM   #1
renovation
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Question taxs on cash for clunkers

im hearing that if you got a cash for clunker deal on a new car that you can exspect to be getting a 1099 forum to declare taxs on the money you thought you saved !
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Old 11-20-2009, 10:21 PM   #2
Markel
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Quote:
Originally Posted by renovation
im hearing that if you got a cash for clunker deal on a new car that you can exspect to be getting a 1099 forum to declare taxs on the money you thought you saved !
From what I've read, there were some incorrect reports about this being spread, but the official word is that the individual will not have to pay income tax on the cash for clunkers credit.
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Old 11-21-2009, 10:03 PM   #3
mechmike0034
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From the cars.gov website, FAQ section:

Quote:
Is the credit subject to being taxed as income to the consumers that participate in the program?
NO. The CARS Act expressly provides that the credit is not income for the consumer.
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