Tuesday, August 25, 2009

Get Ready for Possible Taxation of Cash for Clunkers Rebates

TT Note: Oops. Did you take time to read the fine print when you traded your paid off car for the "free" money the American taxpayers so graciously gave you for Cash for Clunkers? Hmm. Looks like you might get taxed for it. Or did you notice that some dealers enticed customers with the rebate and only took that off the sticker price? So, was it such a great deal?

Whoops! Cash For Clunkers Payments Are Taxable!

Some of the drivers that bought new cars through cash for clunkers are learning that it wasn't quite the deal they hoped for.

Keloland Television: But many of those cashing in on the clunkers program are surprised.....http://www.businessinsider.com/whoops-cash-for-clunker-participants-dont-realize-their-rebates-get-taxed-2009-8

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