2007-01-30 10:08:20 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Nope none. Unless you are a business and you bought the car for business purposes. Then you can take a business deduction for the car's depreciation from last year. But if it is your everyday car - don't even try it cause the chances are the IRS won't send you to the same prison that Martha Stewart went to.
2007-01-30 10:16:58 · answer #1 · answered by ARM 6 · 0⤊ 1⤋
Even if the car is for personal, not business, use, and it's not a hybrid or electric car, there's one more way you might get a tax benefit from the purchase.
If you itemize, you have the choice of deducting either state and local taxes, or sales taxes. If you opt for sales tax, which you'd probably do only if you live in a state without a state income tax, then you can deduct the sales tax paid on the car in addition to the amount allowed by the table for your state.
2007-01-30 12:28:15 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
You might get a tax break if you bought either a hybrid or all-electric car.
If this is a work-only vehicle and you're self employed, you also might be able to claim the depreciation of the vehicle on your tax return.
You might also be able to claim state sales taxes. Time to talk to a professional.
Those are the only three I can think of.
2007-01-30 10:18:12 · answer #3 · answered by Dave T 4 · 2⤊ 0⤋
You never get a tax return. You file one with the IRS. The car is unlikely to affect your refund.
2007-01-30 12:01:17 · answer #4 · answered by STEVEN F 7 · 0⤊ 1⤋
buying a car shouldnt have anything to do with a tax return...at least I dont believe so.
2007-01-30 10:13:57 · answer #5 · answered by oxygenO 6 · 0⤊ 0⤋