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Deductions & credits
Thank you for the response. Yes, in the state of Arkansas you can use the sale of a vehicle 45 days prior to or after the purchase of a new vehicle as a tax credit on the purchase, it is called a 45 days tax credit. So it basically acts as a trade in allowance when you pay sales tax. I guess I need to know if I should enter in the total I paid for the vehicle or should I subtract the $9200 from the purchase price since it was deducted when paying sales tax?
‎January 23, 2020
1:06 PM