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Cash for Clunkers Tax Rules

by Jeff Rose on July 28, 2009

in Tax Planning

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Creative Commons License photo credit: Kateweb

Around the blogosphere, I kept seeing stories pop up about some Cash For Clunker program and it got my curiosity.  While the closest thing to a clunker that I’ve drove was my 1992 Geo Storm (wow, do you remember those?), I don’t think that’s exactly what this program was intended for.  The program, which is part of the Consumer Assistance to Recycle and Save Act, was designed to give incentives to trade in old gas guzzling hogs for more fuel efficient ones.  Hmmm…..I wonder if I could have traded in that old Storm for a Prius?  The green conscious cars have to be bought between July 1st and November 1st of this year and incentives range from $3,500 to $4,500.
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