What is the IRS car allowance deduction?

Answer by  jbrowning8 (46)

The new deduction, for some purchasers, is the sales tax deduction for buying a new car. The deductible part that goes on schedule A of your 2009 tax return is the actual state and local sales tax when purchasing a new car. The purchase price limit of $49,500, includes motor homes, light trucks, and motorcycles.

Answer by  VipulAgrawal (46)

The new deduction, for some purchasers,is sales tax deduction for buying a new car. The deductible part that goes on schedule a of your 2009 tax return is the actual state and local sales tax when purchasing a car.

Answer by  Srr (105)

Standard mileage deduction is 50½ cents per mile for January 1 through June 30, 2008, and 58½ cents per mile for July 1 through December 31, 2008.