Nebraskans who missed out on the “Cash for Clunkers” program can still get some money back from the federal government for buying a new vehicle. I-R-S spokesman Christopher Miller says you can get a tax break if you buy that vehicle before the end of this year — meaning no later than Thursday.
Miller says the tax break allows you to deduct state, local sales or excise taxes on new cars, light trucks, motorcycles and motor homes. That is for a vehicle costing up to $49,500 dollars.
He says the tax break went into effect early in the year. Miller says you need to have purchased the new car after February 16th of this year or by December 31st. There are some income limits. He says the deduction for a married couple phases out with incomes of $250,000 or more and for a single person the deduction phases out at $125,000.
Miller says you don’t even have to itemize your deductions to get the tax break — but you do have to purchase the vehicle by December 31st. For more information, go to: www.irs.gov.