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| tfrieling[at]gmail.com wrote: - quote - > I am trying to figure out the rules regarding using the
Yes. Add 'em up; add 'em ALL up.> sales tax deduction instead of the income tax deduction. I > bought a new SUV in November of 2005 and made a lot of > improvements to my home during 2005 (about $32,000 in > materials and furniture) I don't want to use the tables that > the IRS gives and instead I want to use actual receipts for > that sales tax deduction but I am unclear as to what I can > deduct. Can I add up all the sales tax I paid for the year > by going over all my receipts and bills for the 2005 year? > does this include every possible thing I paid sales tax on > in the 2005 year or are some items excluded. I know I can > add up all of my remodeling, appliance and furniture > receipts but can I also add up all my grocery store, gas > station, fast food and any other little receipt I find? What > about the taxes I on paid on my phone bill, cable bill or > other monthly utility? I know the utilities might be a > stretch but if I can include them every little bit will help > me get a bigger refund. Head 'em up, and move 'em out! ChEAr$, Harlan Lunsford, EA n LA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
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| tfrieling[at]gmail.com posted: - quote - > I am trying to figure out the rules regarding
Remember you use different columns, based on your total> using the sales tax deduction instead of the > income tax deduction. I bought a new SUV in > November of 2005 and made a lot of > improvements to my home during 2005 (about > $32,000 in materials and furniture) I don't want > to use the tables that the IRS gives and > instead I want to use actual receipts for that > sales tax deduction but I am unclear as to > what I can deduct. Can I add up all the sales > tax I paid for the year by going over all my > receipts and bills for the 2005 year? does this > include every possible thing I paid sales tax on > in the 2005 year or are some items excluded. I > know I can add up all of my remodeling, > appliance and furniture receipts but can I also > add up all my grocery store, gas station, fast > food and any other little receipt I find? What > about the taxes I on paid on my phone bill, > cable bill or other monthly utility? I know the > utilities might be a stretch but if I can include > them every little bit will help me get a bigger > refund. exemptions claimed, from the tables provided at the end of the instructions for Schedule A. You should recognize that you can use the optional table _and also include specific taxes paid for unusual expenditures for items such as a new car, boat, trailer or remodeling materials for a big project_. Given these facts, it seems likely that your life will be enormously simplified if you simply use the table amount allowed + the additional tax for the SUV (from the invoice) + additional taxes paid for the building materials. furniture and appliances (from sales receipts). The allowances seem reasonable, and given the ability to add "large item" sales taxes ... my choice would always be to forget the tedium of adding every receipt -- especially since it's unlikely you've got them all, for the entire year. JMHO. Bill << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
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| tfrieling[at]gmail.com wrote: - quote - > I am trying to figure out the rules regarding using the
Many states charge a higher rate for vehicle purchases. You> sales tax deduction instead of the income tax deduction. I > bought a new SUV in November of 2005 can only deduct up to the General Sales Tax rate for your locality. - quote - > and made a lot of
Anything that documents the sales tax you paid on the> improvements to my home during 2005 (about $32,000 in > materials and furniture) I don't want to use the tables that > the IRS gives and instead I want to use actual receipts for > that sales tax deduction but I am unclear as to what I can > deduct. Can I add up all the sales tax I paid for the year > by going over all my receipts and bills for the 2005 year? > does this include every possible thing I paid sales tax on > in the 2005 year or are some items excluded. I know I can > add up all of my remodeling, appliance and furniture > receipts but can I also add up all my grocery store, gas > station, fast food and any other little receipt I find? purchase. Home improvements generally add to the basis of your house, make sure that your basis adjustment does not include the sales tax you are claiming. Generally, there is no sales tax charged on gas purchases or groceries, but if you bought other things (not uncommon in today's supermarkets) that tax paid would be on your receipt. - quote - > What
Fugetaboutit. Those are specifically excluded under the tax> about the taxes I on paid on my phone bill, cable bill or > other monthly utility? law. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
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| <tfrieling[at]gmail.com> wrote: - quote - > I am trying to figure out the rules regarding using the
Everything> sales tax deduction instead of the income tax deduction. I > bought a new SUV in November of 2005 and made a lot of > improvements to my home during 2005 (about $32,000 in > materials and furniture) I don't want to use the tables that > the IRS gives and instead I want to use actual receipts for > that sales tax deduction but I am unclear as to what I can > deduct. Can I add up all the sales tax I paid for the year > by going over all my receipts and bills for the 2005 year? > does this include every possible thing I paid sales tax on > in the 2005 year or are some items excluded. I know I can > add up all of my remodeling, appliance and furniture > receipts but can I also add up all my grocery store, gas > station, fast food and any other little receipt I find? - quote - > What
Most utility bills nowadays have a variety of taxes and fees> about the taxes I on paid on my phone bill, cable bill or > other monthly utility? I know the utilities might be a > stretch but if I can include them every little bit will help > me get a bigger refund. itemized. If you can find one that says it's sales tax, you can include that amount. The others are not sales tax and are not deductible. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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| - quote - > I am trying to figure out the rules regarding using the
Yes.> sales tax deduction instead of the income tax deduction. I > bought a new SUV in November of 2005 and made a lot of > improvements to my home during 2005 (about $32,000 in > materials and furniture) I don't want to use the tables that > the IRS gives and instead I want to use actual receipts for > that sales tax deduction but I am unclear as to what I can > deduct. Can I add up all the sales tax I paid for the year > by going over all my receipts and bills for the 2005 year? - quote - > does this include every possible thing I paid sales tax on
Everything, as long as the tax was charged at the general> in the 2005 year or are some items excluded. sales tax rate. (See IRS instructions for Schedule A line 5 for some special cases.) - quote - > I know I can
Yes, if the tax is shown separately on the receipt, and was> add up all of my remodeling, appliance and furniture > receipts but can I also add up all my grocery store, gas > station, fast food and any other little receipt I find? charged at the general sales tax rate. Gas stations generally do not meet these requirements, but the other places do. - quote - > What
Not all of the taxes on phone, cable, and utility bills are> about the taxes I on paid on my phone bill, cable bill or > other monthly utility? sales tax. You can only deduct sales tax, and only if it is shown separately on the bill and charged at the general sales tax rate. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
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| I am trying to figure out the rules regarding using the sales tax deduction instead of the income tax deduction. I bought a new SUV in November of 2005 and made a lot of improvements to my home during 2005 (about $32,000 in materials and furniture) I don't want to use the tables that the IRS gives and instead I want to use actual receipts for that sales tax deduction but I am unclear as to what I can deduct. Can I add up all the sales tax I paid for the year by going over all my receipts and bills for the 2005 year? does this include every possible thing I paid sales tax on in the 2005 year or are some items excluded. I know I can add up all of my remodeling, appliance and furniture receipts but can I also add up all my grocery store, gas station, fast food and any other little receipt I find? What about the taxes I on paid on my phone bill, cable bill or other monthly utility? I know the utilities might be a stretch but if I can include them every little bit will help me get a bigger refund. Thanks for the help! Tim << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| 2005, deduction, return, sales, tax |
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