I collect any receipt that has sales tax, and it's becoming a mess.
Are these actually worth anything? If they are, how are they redeemed?
2007-12-31 07:52:51 · 4 answers · asked by Jay 4 in Business & Finance ➔ Taxes ➔ United States
You can chose between deducting sales tax and state income tax. You can deduct your actual sales tax paid or use the IRS tables. Add tax for big ticket items to the table amount. As a generalization, you will have to buy a new car before deducting sales tax makes sense.
2007-12-31 08:38:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Not refundable, but if you itemize, you might be able to deduct them. But since CA has a state income tax, if you're paying that you'd probably be ahead to deduct that - you don't get to take both.
2007-12-31 08:10:51 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
California sales tax is not deductible unless you buy big ticket items like a house.
2007-12-31 07:59:14 · answer #3 · answered by annazzz1966 6 · 0⤊ 2⤋
On the 1040, only if you itemize.
2007-12-31 07:56:30 · answer #4 · answered by Anonymous · 1⤊ 0⤋