I watched the Sean Hannity show last night for about ten minutes. In this one segment it seems the $4500 rebate the buyers are receiving is taxable. This amount (4500) is counted as regular income. I wonder how many of these knew this. Now not only do most have a car note now, they most likely have a tax liability they weren't counting on. I think a better name would have been cash for suckers.
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast
Hi John, Well, it seems that the "good" news just keeps coming in all the time, doesn't it? -lol. I agree, most of the people that traded in their clunkers were most likely not aware of the tax liability.
Aug 28, 2009 06:02 AM
Surterre Properties - Laguna Niguel, CA
Ah of course there was a catch. I feel bad for those unaware. And for the dealers who I read apparently are experiencing problems with this program.
Best,
Michael
Aug 28, 2009 06:07 AM
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,
Hi John:
I didn't know that....that's the first that I heard it's taxable.
Well, I didn't take advantage of that program anyway....
Aug 28, 2009 07:09 AM
eXp Realty LLC - Tigard, OR
Principle Broker Oregon
lets hope they don't try this on the $8000 tax credit. But, like most government programs the devil is in the details.
Sep 03, 2009 05:34 AM
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