Posted on 09/29/2009 3:12:26 PM PDT by nascarnation
the list of all 690,114 trade-ins.
(Excerpt) Read more at jalopnik.com ...
bumping for visibility, LOL
Wow - Mine was one of 48 1994 BMW 740iL’s traded in..
Love my new PT Cruiser! Thanks Obambi!
You traded a BMW 740iL for a PT Cruiser? Are you daft?
wait till tax time when he has to pay tax on the cash for clunkers.
You’ll be sorry. I know, I owned one.
Did you buy the last one?
Didn't they stop production of those already?
Somebody traded in a 1997 Rolls Royce Continental R? I think that it was actually a Bentley Continental R. If they got a $4500 trade in they must also think Bernie Madoff is a good investment adviser. Unless their car was in a major accident, flood, of fire they got shafted on that trade. EBay currently has a 1998 Bentley Continental R listed for $124,900.
I thought the only issue was related to sales tax, where the States are collecting sales tax on the full amount of the purchase before the rebate. Are there Federal or state income tax consequences?
Yep. That nice little $4500 GIFT from Unkie Sam is taxable income.
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.
May owe state and local, depending on the locale.
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