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Deduction on income tax?

Can you deduct the sales tax on a car on income taxes?

3 Answers

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  • Anonymous
    9 years ago
    Favorite Answer

    For 2012, currently no.

    Congress has until 12/31 to decide whether or not to extend (aka re-enact) the sales tax deduction for 2012. You'd still have to itemize to claim it.

  • ?
    Lv 7
    9 years ago

    No not just the sales tax that you had to pay on the purchase of a car by itself for this purpose and time in your life.

    At this time of the year 10/20/2012 you would have to choose to use the schedule A itemized deductions of the 1040 income tax return in order to be able to use the sales tax amount as a part your itemized deductions during the 2013 tax filing season for this purpose.

    Should I Itemize? Topic 501

    Generally, you must decide whether to itemize deductions or to use the standard deduction. The standard deduction is a dollar amount that reduces the amount of income on which you are taxed. You should itemize deductions if your allowable itemized deductions are greater than your standard deduction.

    http://www.irs.gov/taxtopics/tc501.html

    You may be subject to limitations on some of your itemized deductions. Please refer to the Form 1040 Instructions or Form 1040, Schedule A Instructions for the limitation amounts.Note: For 2011, taxpayers with adjusted gross income above a certain amount will no longer lose part of their itemized deductions.

    For more information on the difference between itemized deductions and the standard deduction, refer to the Form 1040 Instructions, or Publication 17, Your Federal Income Tax. You may also refer to Topic 551 and Publication 501.

    Hope that you find the above enclosed information useful. 10/20/2012

  • tro
    Lv 7
    9 years ago

    under taxes on Sch A

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