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11 gru 2022 · You can claim the deduction if you live in a state where vehicle sales tax is imposed. To do this, you need to either itemize your deductions in the tax return form or go for a general sales tax deduction.
If you buy a new car, pickup truck, motorcycle or motor home in 2009 you could qualify for a new sales tax deduction, thanks to the stimulus law passed on February 17, 2009. Still need to file? An expert can help or do taxes for you with 100% accuracy.
You must pay vehicle sales tax when you buy a used car if you live in a state that has sales tax. However, you do not pay that tax to the car dealer or individual selling the car. You will pay it to your state's Department of Motor Vehicles (DMV) or equivalent agency when you register the vehicle.
You cannot deduct sales tax on a used car. However, you can deduct state and local sales and excise taxes you paid on the purchase of a new: Car. Light truck. Motor home. Motorcycle. Off-road vehicle. Boat. Aircraft. The deduction is currently available on new vehicles bought in 2023.
14 mar 2024 · Here’s how the sales tax deduction works, how to calculate what to write off, and how to evaluate your options so you can maximize savings and cut your tax bill.
29 lut 2024 · Even if you only use your car for personal use, you can deduct the sales tax you paid for your vehicle. However, you have to itemize to do so. You also cannot write off sales tax if you already took a deduction for your state and local income tax.
You can deduct the sales tax on vehicles you buy whether you pay the full amount at the time of purchase or finance the cost, rolling the sales tax in. The tax is charged to you the year you buy the vehicle, even if you spread payments out over many years.
