I am a student who bought a new car in dec 06. Do i get any tax deductions?

Answer 1

In general, there are no tax deductions for personal cars. There are some tax breaks if you bought an alternative fuel vehicle or a Hybrid. But even to get those, I think you can not be claimed as a dependent on someone else's return. Oh, forgot one thing, technically if you file itemized deductions, you could try deduct sales tax paid for the car instead of state income tax. But then again, you may be just better off using standard deduction anyway, so the sales tax is not an issue.

Answer 2

If you itemize and choose to take a deduction for sales tax instead of state and local income taxes, you can add sales tax paid on the car to the amount from the table for your state, family size and income level.

Or if the car is a hybrid or an electric car, there are energy credits available.

Other than that, no, you don't get a deduction for buying a car.

Answer 3

Do you have any income? Student means nothing. If had income & not being claimed by parents can see if have a schedule A but need more deductions than just that to get over $5150 they already give you. If no income or claimed by parents - nothing. Missed saying only sales tax deductible but still need to get past $5150 so no go.

Answer 4

If you itemize all your deductions, you can deduct the title and registration costs. Bear in mind, however, that you would have to itemize all your deductions, and you get a pretty significant standard deduction ($6,000.00, I think). So unless you have a whole bunch of items you can deduct, you're better off going with a standard deduction.

Answer 5

You might be able to deduct the sales tax you paid. Check with your tax advisor when you get them done. Even the tax software should be able to do it for you.

Answer 6

No.