Monday, March 7, 2016

Can I Deduct the Sales Tax of a Vehicle Purchased Within The Tax Year?

You can only if:

1) You do itemized deductions.
2) Your Sales Tax on the vehicle purchase exceeds your paid state income tax for the year. Typically state income tax will always be a larger amount making this deduction rare.

**You may not deduct if your state has no income tax**

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