I know you can do the taxes on a new house but I'm not sure about a new car.
2007-02-08 15:49:02 · 5 answers · asked by charmon329 2 in Business & Finance ➔ Taxes ➔ United States
If you are itemizing your deductions on the Schedule A rather than taking the standard deduction then yes you could claim the sales tax paid on a new car. it is reported on line 5 of the Schedule A, with ST to the left of the line 5 box. You have a choice of taking the Sales tax or State and Local Income tax/
If you are using the standard deduction then you would not claim this on your return.
2007-02-08 23:50:41 · answer #1 · answered by Anonymous · 1⤊ 1⤋
You can deduct the sales taxes you paid when buying a new car. However, this means that you have to claim all sales taxes you paid during the year and you will not be claiming the state income taxes you paid. You get to deduct one or the other, not both.
2007-02-08 23:51:50 · answer #2 · answered by jseah114 6 · 1⤊ 1⤋
If your state has a state income tax then you can deduct either the amount of state income tax or the amount of state sales tax from your federal return. One or the other but not both.
2007-02-08 23:55:16 · answer #3 · answered by mustanger 5 · 0⤊ 1⤋
yes.it is another type of investment.
2007-02-08 23:51:54 · answer #4 · answered by Radish 2 · 0⤊ 1⤋
no
2007-02-08 23:56:08 · answer #5 · answered by Anonymous · 0⤊ 1⤋