No political posts, please!!!
mine was done the same way. i was also told that i would be able to right off my tax this year also dont know if federal or state thoughhomeline said:I just bought my Cube last night. Even more than a week ago when I was in negotiations with the dealer, the "REBATE" was deducted before any taxes figured. I made sure of that!
Yep, dealer had a big poster board promoting this. I just assumed it was off the federal.spider97 said:mine was done the same way. i was also told that i would be able to right off my tax this year also dont know if federal or state though
It's not a "REBATE".homeline said:I just bought my Cube last night. Even more than a week ago when I was in negotiations with the dealer, the "REBATE" was deducted before any taxes figured. I made sure of that!
yipes!ChristineK said:After much reading and understanding I am good, this will get treated not only as income but a gift to you so it will be taxed at the end of the year (you will have to claim it on your taxes) at 35% tax rate, so you will pay taxes on that gift. Lets see $4500 X .35 = $1,575 you pay back so you only got $2,925 for your used car.
Yes the Govt. do givith and taketh away. :yes:
yep dealers are allowed to set their own prices for the cars they're selling. its that freedom that has people buying brand new GT-Rs at $20k mark-up or more.InYubaSha said:so i've been cube hunting for the past week, and the dealers must be making their own MSRP stickers
just an example, 1.8s
Sacramento - $16,690
Fairfield - $19,800
Vallejo - $15,410
following up...i did a bit of searching this weekend and couldn't find anything that mentioned buyers would be taxed for the CARS voucher. however, i found a few sites that said -dealers- will be taxed. can anyone provide more info on this?ChristineK said:After much reading and understanding I am good, this will get treated not only as income but a gift to you so it will be taxed at the end of the year (you will have to claim it on your taxes) at 35% tax rate, so you will pay taxes on that gift. Lets see $4500 X .35 = $1,575 you pay back so you only got $2,925 for your used car.
Yes the Govt. do givith and taketh away. :yes:
Well if the above are correct and I am wrong you know the dealer will pass the buck onto the consumer somewhere in there, they are not going to eat this. Dealer tax = Your fee (hidden of course)coolguy said:following up...i did a bit of searching this weekend and couldn't find anything that mentioned buyers would be taxed for the CARS voucher. however, i found a few sites that said -dealers- will be taxed. can anyone provide more info on this?
well, apparently dealers didn't get clarification on this until the program had been going on for a few weeks...i guess the dealer agreement info was rather vague. but the CARS website very clearly says the voucher is not considered income for consumers/buyers (though it doesn't say whether it's considered a gift or not...but i don't believe gifts under $10k are taxed anyway). it also says it's illegal for dealers to charge buyers a fee for using the program. some people might have to pay state/local tax on it depending on their state, but there's no other mention of being taxed. could just be sneaky/vague, but i wasn't able to find anything via google to suggest otherwise ???ChristineK said:Well if the above are correct and I am wrong you know the dealer will pass the buck onto the consumer somewhere in there, they are not going to eat this. Dealer tax = Your fee (hidden of course)coolguy said:following up...i did a bit of searching this weekend and couldn't find anything that mentioned buyers would be taxed for the CARS voucher. however, i found a few sites that said -dealers- will be taxed. can anyone provide more info on this?
From the FAQ section of cars.gov website:coolguy said:well, apparently dealers didn't get clarification on this until the program had been going on for a few weeks...i guess the dealer agreement info was rather vague. but the CARS website very clearly says the voucher is not considered income for consumers/buyers (though it doesn't say whether it's considered a gift or not...but i don't believe gifts under $10k are taxed anyway). it also says it's illegal for dealers to charge buyers a fee for using the program. some people might have to pay state/local tax on it depending on their state, but there's no other mention of being taxed. could just be sneaky/vague, but i wasn't able to find anything via google to suggest otherwise ???ChristineK said:Well if the above are correct and I am wrong you know the dealer will pass the buck onto the consumer somewhere in there, they are not going to eat this. Dealer tax = Your fee (hidden of course)coolguy said:following up...i did a bit of searching this weekend and couldn't find anything that mentioned buyers would be taxed for the CARS voucher. however, i found a few sites that said -dealers- will be taxed. can anyone provide more info on this?