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Personal Finance > Don't Mess With Taxes

Are charities victims of Cash for Clunkers?

Kay Bell | Fri, 08/07/2009 - 11:32am | cash for clunkers, charity victims, Economic Stimulus |  3 comments

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Getting a rebate for a gas guzzler might be good for the vehicle's owner, but it's turning out to be terrible for some charities. The rebate program, officially titled Car Allowance Rebate System or CARS, kicked off on July 24 and was originally scheduled to run through Nov. 1 or whene
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Does the (IRS) Internal

Patrick_K | September 8, 2009, 6:13 am

Does the (IRS) Internal Revenue Service should consider the government's cash for clunkers program taxable income? They should not - because the program is a government voucher that is not taxable, so people who participate in Cash for Clunkers won't get docked on their taxes for participating. The credit you get for trading in your old car doesn't count towards your 1040. Some members of Congress aren't amused – Congressman Ron Paul (R-TX) has advocated a tax deduction instead of a payment – which is a dandy idea. (He also wants to get rid of the IRS, a GREAT idea!) So take heart – you won't need guaranteed loans for your tax bill if you participated in Cash for Clunkers.