Tax Question

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I put a downpayment on a car last year (not a hybrid). Is that tax deductible?

please move this to appropriate forum if necessary.

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Re: Tax Question

If the car is used for business purpose ,, then yes

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Re: Tax Question

I thought you were allowed to deduct big purchases.

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Re: Tax Question

you think too much Sidra :D

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Re: Tax Question

Check with your local "tax assessors office". Each state has its own laws. I think there are some federal laws in place which are circumstantial, but you'd have to check.

You get points for the hybrid in my book, if it means anything. :)

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Re: Tax Question

Yes you should be able to deduct "atleast" the Sales Tax on the purchase on Schedule A in addition to the General Sales Tax deduction allowed per family; in each state this percentage is different.

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Re: Tax Question

Sindsagar :fatee: are you a finance employee

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Re: Tax Question

The car is for personal use or business use?

If its for personal use, then generally no. Some states had generous rebates offers for hybrids initially, but those were all set to expire at certain times. For non-hybrids, I am not aware of sales tax deductions etc. Could be true. I don't know.

If the car is for business purpose, and you will use it primarily for business, then you can take a deduction off your K-1 form. I am not sure if this applies for you, so am not going into too much detail here.

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Re: Tax Question

***No …but I do my own Taxes every year, and the Sales Tax deduction instructions come with the Form 1040.

I know a few basics about finances!..:slight_smile:

Do you need help?

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Re: Tax Question

No i don't need any help
I solve the lenghty sales tax questions myself :D