Louisiana Sweetheart
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I believe you can report the taxes paid involving the tax, title, license, etc.
If you are itemizing deductions you can claim the taxes paid on a new car.
What idiot gave me a thumbs down? I just did my taxes and remember this being one of the deductions! |
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Landlord
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None of the above. A car is a personal expense and not tax deductable. |
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Kryptonian
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You don't get a tax deduction for a car. Unless you gave birth to it and can claim it as a dependent. |
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CO-Kisses
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You may be able to count your registration fees as a deductable... these laws are state to state though, so check it out. |
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kjsouder@sbcglobal.net
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Umm...NO. That stopped a long time ago. Sorry to tell you that. |
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Agana
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nope, but you can get a tax credit on the sales tax that you paid for it |
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where is everybody?
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no |
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Internet Mentor
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If you are a working stiff, you don't get a thing. Zilch. Nada. If you own a business - and you are using your car for business purposes, then yes, you can deduct that portion of the car's expenses that are attributable to your business. If you use the car to commute to work, but also own your own business, it gets trickier, but there are definitely strategies you can employ to maximize the deduction for your vehicle. Every expense related to the car is part of the equation: gas, maintenance, insurance, interest on the loan, depreciation, registration fees. You can also elect to use a flat per mile rate, but do the math both ways - it costs nothing to check which method yields the greater deduction. |
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daniel lee
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state. |
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src50
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No. There is no deduction for buying a car unless you are itemizing and want to claim the sales tax you paid. |
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Steve V
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Not federal for sure........don't know about Illinois tax laws.
There is no deduction, or need to claim on your federal. The only issue would be if the sales tax was above the sales tax amount on the table for your income level, but I doubt you meet that. |
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sum142121
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car ? I don' tthink so |
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PS3 player
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Sorry dude I'm an accountant. There's no deduction for a personal-use car. If you bought the car for use in your business it's deductible on Schedule D of the 1040. Oh and if your company buys (or leases) you a car for business related purposes, they can deduct it NOT you. Sorry. |
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