Is there any way to deduct any portion of the money that was used to buy a car for someone? Either gift or ??
2007-11-02 07:12:08 · 4 answers · asked by Rudy L 3 in Business & Finance ➔ Taxes ➔ United States
Unless your name is on the title, you have no tax deduction.
If your name is on the title, you may be able to include the sales tax (up to the normal rate for your locality) on your Schedule A. You would have to opt to use the sales tax deduction rather than the state and local income tax deduction.
Other than that, no deduction.
2007-11-02 11:58:30 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
If a portion of the registration fee is personal property tax you can deduct that.
2007-11-02 07:16:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No. Gifts (except to charitable organizations) are in no way deductible.
If your portion of the purchase was over $12,000, you would in fact have to fill out a gift tax return. In all likelyhood, no gift tax would be due though.
2007-11-02 07:26:01 · answer #3 · answered by Wayne Z 7 · 1⤊ 0⤋
No.
2007-11-02 07:23:53 · answer #4 · answered by Matthew O 5 · 0⤊ 0⤋