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snycole
New Member

Can I get the tax money back from in-store personal purchases?

 
1 Best answer

Accepted Solutions
xmasbaby0
Level 15

Can I get the tax money back from in-store personal purchases?

Is your question related to the myth that was circulating a year or so ago?

Consumer Rebate Program

There seems to be a myth circulating that there is some sort of new "rebate" on any retail purchases made.  There is no such rebate program.In late 2015 the sales tax deduction on your income tax return was made a permanent part of the tax law. When you itemize deductions on your tax return one of the deductions available is for your state and local sales tax for major purchases such as vehicles, boats, etc. and for general retail purchases. Taxpayers can choose to save every receipt and enter the total or let the tax program calculate the amount based on a formula including your AGI.   And you still have to choose between using the sales tax deduction or deducting state income tax paid.

But rebate??  No. At best the deduction could affect your tax due or your tax refund.  A publication known as the Oxford Club has been promoting this myth as an incentive to sell you a $49 subscription.

http://www.snopes.com/consumer-rebate-program/


Federal>Deductions and Credits>Estimates and Other Taxes Paid> Sales Tax.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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3 Replies
SweetieJean
Level 15

Can I get the tax money back from in-store personal purchases?

Sales tax?  This is an income tax forum.
VolvoGirl
Level 15

Can I get the tax money back from in-store personal purchases?

If you itemize deductions you get to take the larger of all your state tax paid last year or the sales tax table plus a few major purchases. If you take the sales tax deduction instead of state income tax then if you get a state tax refund then next year it won't be taxable income on your federal return.

Then all your deductions have to be more than the Standard Deduction to be used.  For 2017 the standard deduction amounts are:
Single 6,350 + 1,550 for 65 and over
HOH 9,350 + 1,550 for 65 and over
Joint 12,700 + 1,250 for each 65 and over  
Married filing Separate 6,350 + 1,250 for 65 and over
xmasbaby0
Level 15

Can I get the tax money back from in-store personal purchases?

Is your question related to the myth that was circulating a year or so ago?

Consumer Rebate Program

There seems to be a myth circulating that there is some sort of new "rebate" on any retail purchases made.  There is no such rebate program.In late 2015 the sales tax deduction on your income tax return was made a permanent part of the tax law. When you itemize deductions on your tax return one of the deductions available is for your state and local sales tax for major purchases such as vehicles, boats, etc. and for general retail purchases. Taxpayers can choose to save every receipt and enter the total or let the tax program calculate the amount based on a formula including your AGI.   And you still have to choose between using the sales tax deduction or deducting state income tax paid.

But rebate??  No. At best the deduction could affect your tax due or your tax refund.  A publication known as the Oxford Club has been promoting this myth as an incentive to sell you a $49 subscription.

http://www.snopes.com/consumer-rebate-program/


Federal>Deductions and Credits>Estimates and Other Taxes Paid> Sales Tax.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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