[OneSolution]

I bought a new car in 2009. Its on a loan..

Can I calim back the tax I was charged... also what else can I claim and deduct... loan amount? Etc etc

Have no idea.. if someone can help me please

[AtlantaTaxExpert]

Yes, you should be able to deduct the sales tax on the new car purchase on your 2009 tax return.

[MukatA]

Taxpayers who buy a new passenger vehicle in 2009 (after Feb. 16, 2009, and before Jan. 1, 2010) may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns. Thus the taxpayers can buy now get cash back later on their tax returns. The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle which has a gross vehicle weight rating of not more than 8,500 lbs. The special deduction will increase your standard deduction and is available regardless of whether a taxpayer itemizes deductions on their return.

With your tax return complete schedule L (Form 1040). Check box 40b on Form 1040. The sales taxes, local taxes and excise duty paid on the new car appear as increase in the standard deduction.Your U.S. Tax Return: What's New for 2009

[seo1394]

As you alrady bought it , that company will tell better about this matter. Before taking loan we should be more wise about loan , Here is some information Loan Modification