Mar 01, 2010 from
Anonymous
Value
$15.00
Please let me know if I have to pay taxes for the voucher I received for Cash for Clunkers?
Answers
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The short and long answer is "No". Aren't you lucky? You were able to get a deal and a new car. Not only that, but you should be able to deduct state, local, or excise taxes you paid. If you itemize, deduct on Schedule A, if you are not taking the general sales tax deduction, and if you are using the standard deduction instead of itemizing, the taxes you paid on the car would be an addition to the standard deduction on Schedule L. Enjoy your car!
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