CCH Tax News Headlines - February 9, 2010

Feb 09, 2010 1 Replies

Rate this thread:

TaxService 16 years ago

CCH Tax News Headlines - February 9, 2010 Federal Headlines:

2/9/2010 - _Tips on New Vehicle Sales and Excise Tax Deduction Provided (IRS Tax Tip 2010-26)_

formatting link

2/9/2010 - _President Calls for Bipartisan Health Care Summit_

formatting link

State Headlines:
2/9/2010 - _New Mexico --Sales and Use Tax: Temporary Rate Increase Passes House_

formatting link

2/9/2010 - _Pennsylvania --Multiple Taxes: Philadelphia Decouples From
2009 Federal Bonus Depreciation Law_

formatting link

* * _Missed a headline? Click here for last week's tax highlights_

formatting link

Vote

removeps-groups 16 years ago

It should be noted that the deduction is allowed under AMT.

Form 6251, AMT

3 Taxes from Schedule A (Form 1040), lines 5, 6, and 8

Note line 7 is skipped:

7 New motor vehicle taxes from line 11 of the worksheet on back. Skip this line if you checked box 5b

But it looks like if you took the sales tax deduction because your income tax was lower (or non-existent), then the sales tax on the car is subject to AMT.

Vote

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required