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#9
04-05-2005, 08:15 AM
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 Re: Deduct sales tax? P T wrote: - quote - > Can I deduct the sales tax I paid on the purchase of new car
Maybe. You have to give up any deduction for state and> in 2004? local income taxes in order to claim sales taxes. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#8
04-05-2005, 08:14 AM
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| Re: Deduct sales tax? Paul A Thomas wrote: - quote - > "P T" <Petepenguin[at]webtv.net> wrote
Speaking of which, Paul, some people add the sales tax to> > Can I deduct the sales tax I paid on the purchase of new car > > in 2004? > New for 2004, if you itemize your deductions, you can take > the higher of....state and local ~income~ tax paid, or sales > tax paid. See Publication 600 for the details. > If you don't itemize, you are out of luck. > Of course, if the car purchase was for your business, then > it's a totally different answer. cost of vehicle as basis for depreciation, and some I know will separate and take the tax as an expense. I'm not sure now which is correct, although with section 179 available it might not amount to a "hill of beans". but what does IRS say? ChEAr$$, Harlan Lunsford, EA n LA 2 Apr 2005 13 days and counting << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#7
04-02-2005, 06:58 AM
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| Re: Deduct sales tax? If you itemize. Missy Doyle << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
04-02-2005, 06:58 AM
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| Re: Deduct sales tax? P T wrote: - quote - > Can I deduct the sales tax I paid on the purchase of new car
If you itemize your deductions you can add the sales tax you> in 2004? paid for the automobile to the amount of sales tax you derive from the IRS table in Pub 600 or 600A (Certain Alaskan Locations). -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
04-02-2005, 03:47 AM
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| Re: Deduct sales tax? P T wrote: - quote - > Can I deduct the sales tax I paid on the purchase of new car
Yes, if you choose not to deduct state income taxes paid.> in 2004? See IRS Publication 600. -- ================================================== ====================== Ian Pilcher i.pilcher[at]comcast.net ================================================== ====================== << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
04-02-2005, 03:28 AM
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| Re: Deduct sales tax? "P T" <Petepenguin[at]webtv.net> wrote: - quote - > Can I deduct the sales tax I paid on the purchase of new car
If you choose to deduct sales taxes instead of income taxes.> in 2004? -- Tom Healy, CPA Boulder, CO Web: http://www.tomhealycpa.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
04-02-2005, 03:28 AM
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| Re: Deduct sales tax? Yes, on Schedule A in addition to sales tax per tables in Publication 600. It's only effective if your total deductions are in excess of your Standard Deduction. ed << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
04-02-2005, 03:09 AM
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| Re: Deduct sales tax? Petepenguin[at]webtv.net (P=A0T) asked: - quote - > Can I deduct the sales tax I paid on the
Yes, if you live in one of the states with no income tax,> purchase of new car in 2004? covered by the December 2004 tax law change (See Pub 600 for details). You can add it as a specific "large-item" extra to the nominal allowance for your income bracket and filing status. Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
04-02-2005, 02:50 AM
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| Re: Deduct sales tax? "P T" <Petepenguin[at]webtv.net> wrote - quote - > Can I deduct the sales tax I paid on the purchase of new car
New for 2004, if you itemize your deductions, you can take> in 2004? the higher of....state and local ~income~ tax paid, or sales tax paid. See Publication 600 for the details. If you don't itemize, you are out of luck. Of course, if the car purchase was for your business, then it's a totally different answer. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-02-2005, 02:50 AM
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| Re: Deduct sales tax? "P T" <Petepenguin[at]webtv.net> wrote: - quote - > Can I deduct the sales tax I paid on the purchase of new car
Yes, if you itemize deductions on Schedule A and elect to> in 2004? deduct sales tax rather than income tax. Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-01-2005, 09:41 AM
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| Deduct sales tax? Can I deduct the sales tax I paid on the purchase of new car in 2004? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| deduct, sales, tax |
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