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just bought a car. can i deduct sales tax on my 2013 taxes?

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  • just bought a car. can i deduct sales tax on my 2013 taxes?


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Answer #1 | 21/12 2013 18:06
Yes, you can. You can take the standard sales tax deduction, and still take an itemized deduction for a major purchase like this. Check the instructions for Schedule A.
Positive: 75 %
Answer #2 | 21/12 2013 18:07
It's possible that you will be able to deduct this expense from your taxable income. Look at Schedule A and the instructions on how to fill out this form. However, be aware of the fact that your total itemized deductions (including this sales tax) must be greater than your standard deduction before it will be of any benefit to you.
Positive: 69 %
Answer #3 | 21/12 2013 18:10
First the 1040 schedule A itemized deductions will have to be used and filled out correctly and completely for this purpose and time in your life and the total amount from the schedule A will have to be MORE than your standard deduction is for the 2013 tax year and that amount is 6100 free of the FIT during the 2014 tax filing season for the 2013 tax year. Your schedule A itemized deduction TOTAL amount would have to be MORE than your standard deduction is for that tax year before it would be of any benefit to you by reducing your AGI down for the purpose of reducing your TAXABLE INCOME AMOUNT down on the 1040 FIT return page 2 line 40 Itemized Deduction or standard deduction and then line 43 Taxable income at all to even start filling out the schedule A form for that purpose and time in your life. Go to the www.irs.gov and use the search box for Topic 501 Should I Itemize? www.irs.gov/taxtopics/tc501.html Hope that you find the above enclosed information useful. 12/21/2013
Positive: 49 %
Answer #4 | 21/12 2013 18:54
if you use Sch A and itemize
Positive: 17 %
Answer #5 | 21/12 2013 20:37
If you already itemize and it is more than the state taxes withheld.
Positive: 10 %
Answer #6 | 22/12 2013 22:49
Only if you itemize. Then you have a choice whether to deduct sales tax, or state and local tax. If you deduct sales tax, you can add the sales tax on the car to the sales tax table that applies to you. This does not mean you pay $1332 less income tax. You show your deductions on schedule A, and subtract them from your income before calculating your tax. If you're in a 15% bracket, you might save about $200 in income tax.
Positive: 10 %

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