I'm buying a laptop for college and I was wondering if I could write it off on my taxes or if it was any way tax-deductible? Even if only the sales tax (NY State 9%) is deductible, it would still save me about $100.
Anything I can work with?
2007-05-30 15:05:29 · 5 answers · asked by Eddie A 1 in Business & Finance ➔ Taxes ➔ United States
Nope. Sorry.
There are certain breaks for tuition and some required school fees but items you purchase for school such as a laptop or school supplies are not tax deductible.
2007-05-30 15:09:39 · answer #1 · answered by TaxGurl 6 · 3⤊ 0⤋
No, the laptop or other other equipment that you buy for college isn't deductible.
Sales tax can be deductible only if you itemize, and only if you choose to deduct sales tax instead of state and local taxes - you can take either, but not both. But you seem to have a misconception of what a deduction is - it subtracts from your income, not from your taxes. You mention that being able to deduct sales tax would save you about $100. I'm assuming that's the sales tax on the laptop. Even if you had that as a deduction, you'd calculate your savings by multiplying that times your tax bracket, so it would probably save more like $10 or $15 in taxes.
2007-05-30 23:26:35 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I am absolutely sure you can deduct if having a computer is required by the school or you need it for your educational purposes.
Nobody specifies what kind of computer is it-laptop or desktop. But I am sure you can deduct only one computer. Everything is included cost+taxes+S&H if you bought it online for example
2007-05-31 13:37:59 · answer #3 · answered by alikmal 2 · 0⤊ 0⤋
I'm afraid it's not tax deductible. Good question though. I like how you think out of the box to save yourself money.
As an aside, the interest on your student loan will be tax deductible when you start paying that back.
2007-05-30 22:20:25 · answer #4 · answered by RopeResQ 2 · 0⤊ 1⤋
No, sorry, that's not deductible. The only time that books, equipment and supplies are deductible is if they are mandatory for the course of study AND if you are required to purchase them from the school's bookstore. Most states have laws barring exclusive purchase requirements, effectively barring any deduction.
2007-05-30 22:18:27 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 1⤋