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All associations that elect to be taxed as a homeowners association are entitled to a speciï¬c $100 deduction from its taxable income. This means that associations with relatively small amounts of taxable income could have their tax liability eliminated by the application of the speciï¬c $100 deduction.
IRS Special Edition Tax Tip 2009-09. Taxpayers who buy new motor vehicles this year may be entitled to a special tax deduction for the sales or excise taxes on those purchases when they file their 2009 federal tax returns next year. This tax benefit is part of the American Recovery and Reinvestment Act of 2009. Taxpayers in states that do not have state sales taxes may be entitled to deduct other fees or taxes imposed by the state or local government. Here are nine important facts the IRS wants you to know about the deduction. 1  State and local sales and excise taxes paid on up to $49,500 of the purchase price of each qualifying vehicle are deductible.