16 2009 and jan. This deduction is available for individuals with an adjusted gross income of less than 125000 or for joint filers under 250000.
Can You Deduct Sales Tax On A Car For Taxes Finance Zacks
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If you reside in one of the income tax free states like alaska florida and nevada or in a low income tax rate state this is the best option for you.
Are sales tax on cars deductible. 1 2010 can be deducted on your 2009 taxes. Keep receipts showing the sales tax you paid for cars boats airplanes and home improvements if youre using the optional sales tax table method these are all youll need. You may deduct the tax whether its charged on a new or used car and whether you buy from a car dealer or a private party.
Here are the details. If you dont itemize you cant deduct sales tax. The sales tax for any new car truck motor home or motorcycle purchased between feb.
Maybe my question wasnt as clear as it could have been. If you bought a new car during the most recent tax year at tax time youll want to get all of the deductions you can. There is a vehicle sales tax deduction but you will have to choose between taking this deduction or claiming your state income tax.
Sales taxes on motor vehicles are deductible as a general sales tax even if the tax rate was different than the general sales tax rate. The irs allows you to deduct sales tax you paid on a car purchase by itemizing on schedule a on form 1040. You can deduct sales tax on a vehicle purchase but only the state and local sales tax.
Then you can add these amounts to the deduction listed for your circumstances in the tables. If you live in a state with higher income tax rates such as california and new york you will be better off choosing the income tax deduction instead of the sales tax. However what happens if you financed the car.
Your tax may qualify for a deduction but in many cases it wont exceed the standard deduction. You still would pay sales tax on that. However you can only claim this deduction if you do so instead of claiming a deduction for state income tax.
If you purchase your car from a licensed dealer they will collect the sales tax but if you purchased your car from an individual you will be responsible for the tax when you register your car in your county. In the instructions for 1040 schedule a the irs says explicitly. Yes there is a sales tax on cars in tn.
This is for the state and local general sales tax deduction for large purchases.
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