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You thought Cash for Clunkers was bad....
- Thread starter Audiofn
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Big Time
New member
From the article:
Golf Cart Man is referring to his offer in which you can buy the cart for $8,000, get a $5,300 tax credit off your 2009 income tax, lease it back for $100 a month for 27 months, at which point Golf Cart Man will buy back the cart for $2,000. "This means you own a free Golf Cart or made $2,000 cash doing absolutely nothing!!!" You can't blame a guy for exploiting loopholes that Congress offers.
With regards to the $5300 tax credit...does that means the gov't will refund $5300 back to you or does it mean your taxable income will be reduced by $5300. By the way it sounds, you actaully receive $5300 back from uncle sam?
Golf Cart Man is referring to his offer in which you can buy the cart for $8,000, get a $5,300 tax credit off your 2009 income tax, lease it back for $100 a month for 27 months, at which point Golf Cart Man will buy back the cart for $2,000. "This means you own a free Golf Cart or made $2,000 cash doing absolutely nothing!!!" You can't blame a guy for exploiting loopholes that Congress offers.
With regards to the $5300 tax credit...does that means the gov't will refund $5300 back to you or does it mean your taxable income will be reduced by $5300. By the way it sounds, you actaully receive $5300 back from uncle sam?
MarylandMark
Charter Member
A good friend owns http://www.golfcartrentals.com/ and here is her response:
Sorry dude LSV (low speed vehicles) only golf carts don't count. They are on back order every where been looking for some and our manufacturer isn't dues to come out with one till 2010.
http://www.irs.gov/irb/2009-26_IRB/ar07.html#d0e4117
Can't be used as a golf cart, only up to $2500 and few other things. Tax credit is not the same as cash. If you are in a 30% tax bracket then the $5300 tax credit is going to become $1590 (still paying $3705)
Sorry dude LSV (low speed vehicles) only golf carts don't count. They are on back order every where been looking for some and our manufacturer isn't dues to come out with one till 2010.
http://www.irs.gov/irb/2009-26_IRB/ar07.html#d0e4117
Can't be used as a golf cart, only up to $2500 and few other things. Tax credit is not the same as cash. If you are in a 30% tax bracket then the $5300 tax credit is going to become $1590 (still paying $3705)
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