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Started By
Message
Taxes
Posted on 1/29/10 at 6:19 am
Posted on 1/29/10 at 6:19 am
If I'm doing itemized deductions, can I deduct the sales tax on the SUV I bought late last year or no?
2
Posted on 1/29/10 at 8:10 am to Ziggy
yup
Posted on 1/29/10 at 8:13 am to Ziggy
Posted on 1/29/10 at 8:18 am to TigerGrl73
Is this for BRAND NEW vehicles only though? I bought a 2007.
That's where I'm a little confused.
That's where I'm a little confused.
Posted on 1/29/10 at 8:57 am to Ziggy
Cannot be pre-owned. If you are first owner, then it counts (even if an older than 2009 model). Also, you don't have to itemize to get the deduction, which is new this year due to the American Reinvestment and Recovery Act. The deduction is subject to income limits but they are high limits.
If it is used, you would have to itemize and choose to deduct your state sales taxes instead of your state income taxes in order to deduct the sales tax paid.
If it is used, you would have to itemize and choose to deduct your state sales taxes instead of your state income taxes in order to deduct the sales tax paid.
Posted on 1/29/10 at 9:00 am to TigerGrl73
quote:
If it is used, you would have to itemize and choose to deduct your state sales taxes instead of your state income taxes in order to deduct the sales tax paid.
Gotcha. Well between my wife and I, our state income taxes exceed the state sales taxes we paid on the SUV - so I guess it doesn't make sense to deduct it.
Thanks.
This post was edited on 1/29/10 at 9:03 am
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