Hello everyone!
I bought an used car last summer because I needed a better transportation in order to get to my classes on time after work. Last time I filed my taxes, I asked the lady who prepared them about getting a car and she said she was NOT sure if I could claim tax back. I do not know how this works, but now that I have bought a car I would like to know if I can claim some tax back since I am a student and my car payments are as high as my small paycheck. I pay my college tuition from my own pocket; no student loans, etc.
Thank you!
2007-12-08 14:48:39 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If your car is only for personal use, you can only claim sales tax paid on your car as an itemized deudction in the year you bought it. Since you are a student, I don't think you itemize your deductions. So the short answer is no deduction.
2007-12-08 16:29:02 · answer #1 · answered by AK 5 · 0⤊ 0⤋
There are no tax credits for buying a car for the purposes you have stated. Additionally, you cannot deduct any interest paid on a personal vehicle loan. That deduction slipped away over a decade ago.
2007-12-08 23:53:08 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
There are no tax credits available for buying a used car.
2007-12-08 14:58:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋