This has been bugging me--in Calfornia we are required by state law to have auto insurance and we have to purchase it from private companies.
Since the state requires this I think we should be able to deduct the amount of the premiums from our taxable income on our state tax returns.
Does this make sense to anyone else? Serious answers only please--
Thanks
2007-08-20 13:02:27 · 10 answers · asked by Susan T 1 in Business & Finance ➔ Taxes ➔ United States
No, it doesn't - there are lots of things in life you have to have, and even California hasn't gotten yet to where it feels obliged to subsidize all of those items.
2007-08-20 13:58:17 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
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2007-08-22 13:16:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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RE Tax break for required auto insurance?
This has been bugging me--in Calfornia we are required by state law to have auto insurance and we have to purchase it from private companies.
Since the state requires this I think we should be able to deduct the amount of the premiums from our taxable income on our state tax returns.
Does this make sense to anyone else? Serious answers only please--
Thanks
2014-09-09 15:47:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Been looked into and it doesn't qualify. If you are self employed, it's possible to claim it as a business expense (though most people usually use the standard mileage rate that includes insurance costs). If you are single and do not have a lot of deductible items, you are getting a standard deduction of about $5000 (it increases each year) that is supposed to cover these kinds of things. In their opinion, you do not HAVE to drive, so you do not HAVE to pay the insurance. Same goes for the cost of a drivers license. Sorry.
2007-08-20 13:25:47 · answer #4 · answered by Patrick S 3 · 0⤊ 0⤋
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RE :Tax break for required auto insurance?
This has been bugging me--in Calfornia we are required by state law to have auto insurance and we have to purchase it from private companies.
Since the state requires this I think we should be able to deduct the amount of the premiums from our taxable income on our state tax returns.
Does this make sense to anyone else? Serious answers only please--
Thanks
Follow 11 answers
2017-03-20 00:14:16 · answer #5 · answered by ? 6 · 0⤊ 0⤋
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2015-01-02 17:50:27 · answer #6 · answered by ? 1 · 0⤊ 0⤋
No it doesn't. You have to feed yourself, clothe yourself, put gas in your car, etc. and none of that is tax deductible. What's more, there's no law that compels you to own a car in the first place. If you don't want to bother with the expense of insurance, then don't buy a car. It's your choice.
2007-08-20 13:21:15 · answer #7 · answered by Bostonian In MO 7 · 4⤊ 0⤋
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2015-12-19 00:20:05 · answer #10 · answered by Anonymous · 0⤊ 0⤋