|
|
| *Loan,banking and credit>>>car tax |
I bought a car in October, just wondering if I can get any kind of deduction when I file my taxes? |
I bought a car in October, just wondering if I can get any kind of deduction when I file my taxes? If you itemize, you can write off the portion of the registration that's based on the value of the car, since that's considered a personal property tax. If you itemize, you have a choice of claiming state and local taxes, or sales tax. For people who pay state income tax, that's usually more than sales tax. But if you don't pay state income tax and take sales tax instead, then the sales tax on the car is deductible, and can be added to the amount shown on the table for your state and family size. Note that if you don't itemize, none of the above can be deducted. If you are using the car in your business, there are many deductions that can be taken. But driving back and forth between your home and your job is NOT deductible. The state tax that you paid on it. I agree with the first answer and or if you are using the car for business I think there's a deduction for that Not it ,at least six months before any deductions. happy filling. You CAN write off the cost of registration every year, and if you use the car at least 80% of the time for business, you can write it off as a business expense. You CANNOT write off the interest on your car loan like you can on a mortgage, and you can't write off taxes/title/destination charges like you can on closing costs when you buy a house. P.S.: In order to write off the cost of vehicle registration you have to itemize your deductions, and if you don't own a house you're probably better off just taking the standard deduction. |
| Tags |
| tax tips tax year income tax business tax car tax child tax cigarette tax corporate tax estate tax import tax |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |