[Log In ] [New Posts] []
Go Back   GotApex? Forums Forums > General Topics > Finance, Investments & Careers
User Name
Password

Reply
 
Thread Tools Search this Thread Display Modes
Old 11-20-2009, 09:52 PM   #1
renovation
Vice Admiral
 
renovation's Avatar
 
Join Date: Jan 2003
Location: by a lake in michigan
Posts: 4,307
Send a message via ICQ to renovation Send a message via MSN to renovation
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 !
__________________
be careful of what you wish for . you may get a ton of junk e-mail !

smile or f-off
renovation is offline   Reply With Quote
Old 11-20-2009, 10:21 PM   #2
Markel
Chief of Naval Operations
 
Markel's Avatar
 
Join Date: Feb 2001
Posts: 11,386
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.
__________________
stay low... keep moving...
Markel is offline   Reply With Quote
Old 11-21-2009, 10:03 PM   #3
mechmike0034
No longer a Pho virgin
 
mechmike0034's Avatar
 
Join Date: Dec 2002
Location: Ala-effin'-bama!
Posts: 2,678
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.
__________________
"The price of progress is trouble." (C. F. "Boss" Kettering)
"50% of the American public has below-average intelligence. 70% of the American public now has regular access to the Internet. Do the math." (unknown)
mechmike0034 is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -7. The time now is 10:20 AM.