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Federal or state tax deductions for new car purchase??
Posted on 1/16/15 at 2:30 pm
Posted on 1/16/15 at 2:30 pm
Turbotax is very ambiguous on this, can I deduct state sales tax?
2
Posted on 1/16/15 at 2:31 pm to waderichey
Are you already taking a deduction for state income tax?
Posted on 1/16/15 at 2:37 pm to waderichey
You can deduct state sales taxes OR state income tax
If you deduct state sales tax, you can add the amount of sales tax paid on the car to the amount the formula calculates for you based on AGI.
If you deduct state sales tax, you can add the amount of sales tax paid on the car to the amount the formula calculates for you based on AGI.
Posted on 1/16/15 at 3:06 pm to LSUFanHouston
Ok thanks. The formula + car approach was actually a better than state income tax 
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