what is a luxury auto for tax purposes

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  • What is the IRS definition of luxury vehicle?

  • Luxury Defined. The term luxury vehicle is often associated with expensive, high-end vehicles. However, for tax purposes, the term has a different meaning. The majority of all cars fit the IRS definition of a luxury vehicle, regardless of the cost.

  • What is the luxury car tax in Australia?

  • Luxury cars are subject to a Luxury Car Tax when sold or imported into Australia. The LCT is set at 33% and applies to the value of cars with a GST-inclusive value above the Luxury Car Threshold of $68,740. This tax is paid by businesses that sell or import luxury cars (dealers), and also by individuals who import luxury cars.

  • What vehicles are subject to the New York luxury car tax?

  • In the 2013 model year, the only vehicles subject to the tax are large-engine luxury vehicles, performance cars and sports cars. A luxury car tax is a tax applied to the purchase of automobiles whose cost exceeds a certain threshold.

  • How long did the luxury car tax last?

  • The luxury car tax lasted 鈥?until 2002, 鈥?with 700,000 vehicle sales being subject to the tax during its final year. According to a Washington Post article, the luxury car tax raised an average of $400 to $450 million each year.

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