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If I bought a new car this year can I deduct the sales tax?

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If I bought a new...
If I bought a new car this year can I deduct the sales tax ?
Submitted: 1 year ago.Category: Tax
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Answered in 4 minutes by:
1/29/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,703
Experience: Taxes, Immigration, Labor Relations
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Yes - you may deduct sales tax.
That deduction is claimed on schedule A line 5.

You can elect to deduct state and local general sales taxes instead of state and local income taxes. You can't deduct both.

If you elect to deduct state and local general sales taxes, you must check box b on line 5. To figure your deduction, you can use either our actual expenses or the optional sales tax tables.

You may also be able to add the state and local general sales taxes paid on certain specified items - including sales taxes paid on your care in that tax year.

Any questions?

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Customer reply replied 1 year ago
no thanks
Tax Professional: Lev, Tax Advisor replied 1 year ago

Let me know if you need any help with reporting.
You may come back to this page later if needed.

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Tax Professional: Lev, Tax Advisor replied 1 year ago

.

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Tax Professional: Lev, Tax Advisor replied 1 year ago

Please be aware that in Dec 2015 Congress took a step to renew the federal deduction for state and local sales taxes, which is a great benefits for residents of states which do not have income taxes.

This provision is extended for 2015 and 2016.

To estimate your deduction - you may use following calculator

https://www.irs.gov/Individuals/Sales-Tax-Deduction-Calculator

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Lev
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