Email I received

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  • WhiteOleander
    Senior Member
    • Jun 2005
    • 1370

    #1

    Email I received

    Just want to check to make sure.

    The $3500 - $4500 discount that people got in the Cash For Clunkers deal is not taxed Federally? Right?

    This email made this big deal out of how the consumer will end up losing in the end and it talked about paying taxes on the money. I understood that is isn't taxed

    Thanks.
    You have the right to remain silent. Anything you say will be misquoted, then used against you.
  • Burke
    Senior Member
    • Jan 2008
    • 7068

    #2
    Check out "Cash for Clunkers" thread posted yesterday.

    Comment

    • Jesse
      Senior Member
      • Aug 2005
      • 2064

      #3
      I can't seem to locate where I read (or thought I read) that the rebate is only taxable to the dealership, as it was cash received for the sale of inventory.

      But it is not taxed to the consumer on the Federal level with all states independent on the determination.
      http://www.viagrabelgiquefr.com/

      Comment

      • Bees Knees
        Senior Member
        • May 2005
        • 5456

        #4
        Originally posted by Jesse
        I can't seem to locate where I read (or thought I read) that the rebate is only taxable to the dealership, as it was cash received for the sale of inventory.

        But it is not taxed to the consumer on the Federal level with all states independent on the determination.
        TTB updates said it.

        TheTaxBook is the #1 fast-answer tax publication in America. Our publications provide fast answers to tax questions for tax practitioners!

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