2007-01-25 08:37:47 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Only if it's used in a business.
2007-01-25 08:43:32 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You would only be able to claim the vehicle if you have a business, in which case it would be a qualified business expense.
However, if you do not own a business, you would still be able to claim an additional sales tax deduction of you itemize rather than take the standard deduction. President Bush has extended this deduction for another 2 years (tax years 2006 and 2007). Normally, individuals' sales tax deduction is a calculation based on individuals income. However, if you had large purchases during a year (say a vehicle), you could claim the general sales tax deduction in addition to the sales tax that you paid on the purchase (your vehicle). This amount will be included in line 5 of your Schedule A tax form and you will need to identify it by placing the letters "ST" next to the amount.
2007-01-25 17:17:28 · answer #2 · answered by zinf32000 2 · 0⤊ 0⤋
If it was a hybrid vehicle than there is a special credit you can claim on your taxes, visit the irs website (www.irs.gov) to see more about it.
If it was not a hybrid vehicle and you itemize your deductions you can deduct the sales tax you paid on the vehicle.
If it will be used 100% for a self-employed business you can depreciate it and use the actual expenses of the car or if it will be used less than 100% you can use the standard mileage rate for a deduction.
2007-01-25 16:44:14 · answer #3 · answered by emeraldsky21 2 · 1⤊ 0⤋
if it was a hybrid or for business, then possibly
2007-01-25 16:43:38 · answer #4 · answered by Jen 5 · 1⤊ 0⤋