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Discussion Starter · #1 · (Edited)
Hello Bimmers:

I've done some research to collect official IRS publications on the tax credit/deduction for 2010 X5 35d. All the links I've found are listed here. Please follow up with additional information if you have any.

Quick Summary based on my understanding:
1. Tax credit is available regardless of AMT. Aka, full $1,800 for X5 35d provided you owe at least that much to IRS.
2. Sales Tax Deduction value up to $49,500.

Tax Credit Amount for 2010 year models:
2010 Advanced Lean-Burn Vehicles (as of 12-22-09)
http://www.irs.gov/businesses/corporations/article/0,,id=214283,00.html

Alternative Motor Vehicle Credit
http://www.irs.gov/newsroom/article/0,,id=157632,00.html

Sales Tax Deduction for Vehicle Purchases

Special Tax Break Available for New Car Purchases This Year
http://www.irs.gov/newsroom/article/0,,id=205863,00.html

Sales Tax Deduction for Vehicle Purchases
http://www.irs.gov/irs/article/0,,id=214016,00.html

Sales Tax Deduction for Vehicle Purchases
http://www.irs.gov/newsroom/article/0,,id=204519,00.html

Car Sales and Excise Tax Deduction: Questions and Answers
http://www.irs.gov/newsroom/article/0,,id=211310,00.html

--Bimmer6612
 

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BMW should have this on their website.
Very helpful.
 

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Ok sales tax deduction aside... say you are an S corp, could I deduct the $1,800 from my taxes if I am the sole owner of the company and the company purchases the vehicle?
 
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