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Started By
Message
New Car Tax Deduction
Posted on 3/13/13 at 3:16 pm
Posted on 3/13/13 at 3:16 pm
Bought a new car in 2012. Is the sales tax deductible on my 1040? TIA
5
Posted on 3/13/13 at 3:19 pm to Chewy
Yes. State and Local Sales Taxes along with any taxes associated with the registration of the vehicle.
This post was edited on 3/13/13 at 3:26 pm
Posted on 3/13/13 at 4:10 pm to Chewy
If you traded in a used car on it, that's deductible from the price of the car if I recall correctly.
Posted on 3/13/13 at 9:33 pm to Golfer
quote:
Yes. State and Local Sales Taxes along with any taxes associated with the registration of the vehicle.
I dont think ALL registration is deductible, only the tax portion.
Posted on 3/13/13 at 9:36 pm to Golfer
quote:Damn this would have been nice to know in 2011
Yes. State and Local Sales Taxes along with any taxes associated with the registration of the vehicle
Posted on 3/13/13 at 9:39 pm to AutoYes_Clown
quote:
I dont think ALL registration is deductible, only the tax portion.
I've always deducted my tag renewals
Posted on 3/13/13 at 9:40 pm to KosmoCramer
That's only good for sales tax right? 
Posted on 3/13/13 at 9:41 pm to Golfer
Looks like I am redoing my taxes.
Posted on 3/13/13 at 10:40 pm to Chewy
If it's greater than your state income tax, yes. You can deduct one or the other, but not both.
This post was edited on 3/13/13 at 10:42 pm
Posted on 3/14/13 at 1:15 am to Golfer
Registration fees ARE deductible. Did it this year since we bought my wife's new ride.
Posted on 3/14/13 at 4:08 am to Golfer
quote:
I've always deducted my tag renewals
There's some arcane rule on that. Something about being deductible only if the fee is based on the value of the vehicle.
Posted on 3/14/13 at 8:21 am to Layabout
Deductable if it is a "ad valorum" tax, in LA your vehicle registration is such.
Posted on 3/14/13 at 10:41 am to Golfer
quote:
Yes. State and Local Sales Taxes along with any taxes associated with the registration of the vehicle.
This is what I don't understand about our tax system. Why would they bother taxing it? Interest free loan? They hope most people forget to claim it?
Posted on 3/14/13 at 10:49 am to Chewy
I asked the lady who does my taxes about this, and she said it was no longer available. It didn't bother me much since my trade in pretty much negated all of the sales tax on our purchase, but it annoys me if she was wrong.
She also tried to tell me that the Flex Fuel deduction was still available, so I don't know how much I can trust her
. I'm definately going to someone else for my taxes next year.
She also tried to tell me that the Flex Fuel deduction was still available, so I don't know how much I can trust her
. I'm definately going to someone else for my taxes next year. Posted on 3/14/13 at 11:00 am to Bmath
quote:
This is what I don't understand about our tax system. Why would they bother taxing it? Interest free loan? They hope most people forget to claim it?
We are talking about Federal Taxes.
Posted on 3/14/13 at 11:06 am to KG6
Posted on 3/14/13 at 12:27 pm to CHSBears
quote:
Deductable if it is a "ad valorum" tax, in LA your vehicle registration is such.
I came across something recently that indicated that the DMV has indicated that registration is not based on the value of the vehicle. I guess this would be because the vehicle is not revalued in later years.
Posted on 3/14/13 at 1:34 pm to LSUTiger13
Posted on 3/14/13 at 7:17 pm to CHSBears
The requirement for the fee to be charged annually would make LA's registration fees nondeductible.
Posted on 3/14/13 at 7:38 pm to ForeverLSU02
quote:
Damn this would have been nice to know in 2011
You can file an amended return (1040X) and claim this schedule A deduction.
This post was edited on 3/14/13 at 7:39 pm
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