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if you buy a vehicle for your business and don't use your tax # do you get back the tax at the end of the year
I own my own business and purchased a vehicle for it but a paid the sales tax on purchase do I get it back on my taxes at the end of the year?
2 Answers
- jandrkellerLv 41 decade agoFavorite Answer
The answer is no.
But - since you bought the vehicle as a business, the whole purchase, including tax and license, is deductable as an expense.
Hope this clarifies it.
- 1 decade ago
No, the IRS neither collects or refunds sales tax. And if the vehicle was used by the business, it was subject to sales tax anyway. It would only be exempt if you are going to resell it.
However, the sales tax is included in the basis for the vehicle when calculating depreciation.
