Discussion:Cash for Clunkers Tax Treatment
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Basic Tax Questions --> Cash for Clunkers Tax Treatment
Discussion Forum Index --> Tax Questions --> Cash for Clunkers Tax Treatment
| 31 October 2009 | |
| What is the tax treatment for "cash for clunkers" transaction. Government provides the funds and vehicle cannot be resold. I wondering if you can claim that as a sale, rather than a trade-in, allowing for the write off of the old vehicle NBV. What are your thoughts? | |
Anarchrist (talk|edits) said: | 31 October 2009 |
| The vehicle is called a trade in. If you trade the car in, you get a credit off the purchase of a new car. Off the top of my head I can't imagine the irs would call it a sale. | |
Harry Boscoe (talk|edits) said: | 31 October 2009 |
| You had better limit this discussion to *business* cars. *Personal* cars are not eligible for tax-deferred exchange or for writing off the NBV either. | |
To join in on this discussion, you must first
log in.
