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Is car sales tax deductible for 2012?
my wife had her 2010 Hyundai Elantra wrecked on October 22. The car was totaled so we had to replace it with a 2013 Hyundai Elantra. We paid around $1500 in sales tax. I need to know is this tax deductible for 2012 Federal taxes?
4 Answers
- bradLv 48 years agoFavorite Answer
Unless congress extends the election to deduct either sales tax or state income tax then you will not be able to deduct it in 2012. As stated earlier you need to Itemize and also have higher sales taxes paid than income taxes which can happen as a result of major asset purchases during the year which you do have. You would be allowed to use the sales tax table instead of actual taxes paid to compute the amount of the deduction and then add to it any taxes paid on large single purchases such as the 1,500 paid for your car.
- JudyLv 78 years ago
no, unless congress extends it. Even when it was deductible, it was only if you itemized, and then only if you chose to deduct sales tax rather than state and local tax. which usually only worked for people not paying state income tax.
- Anonymous8 years ago
No.