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navneetjain1
New Member

I have purchased a used car from a dealer in Apr 2016. Do I need to report this while submitting my tax and will it help me getting additional refund?

 
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Marketstar
Level 7

I have purchased a used car from a dealer in Apr 2016. Do I need to report this while submitting my tax and will it help me getting additional refund?

You may be able to deduct the following two expenses:

To claim sales tax paid on a new car, you take it as a deduction on Schedule A. 

 Go to Deductions & Credits>Estimates and Other Taxes Paid>Sales Tax.  

To deduct the registration fee, you take it as a deduction on Schedule A. 

 Go to Deductions & Credits>Cars and Other Things you Own>Car Registration Fees.  Depending on the state in which you live, you may or may not be able to deduct it

To benefit from the above two deductions, you must itemize your deductions which will require you to use TurboTax Deluxe or a higher edition

See TurboTax Buyer's Guide


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1 Reply
Marketstar
Level 7

I have purchased a used car from a dealer in Apr 2016. Do I need to report this while submitting my tax and will it help me getting additional refund?

You may be able to deduct the following two expenses:

To claim sales tax paid on a new car, you take it as a deduction on Schedule A. 

 Go to Deductions & Credits>Estimates and Other Taxes Paid>Sales Tax.  

To deduct the registration fee, you take it as a deduction on Schedule A. 

 Go to Deductions & Credits>Cars and Other Things you Own>Car Registration Fees.  Depending on the state in which you live, you may or may not be able to deduct it

To benefit from the above two deductions, you must itemize your deductions which will require you to use TurboTax Deluxe or a higher edition

See TurboTax Buyer's Guide


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