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Sales Tax Deduction for Leased Car - Personal Use
I have a few questions regarding sales tax deduction for leased car used for personal use, to start I am filing using itemized deductions.
I started a new car lease at the end of 2020, would I include ALL sales tax that I paid and will pay in the future in this year deduction or only for the months I paid sales tax with my lease payment? Also, are there any other sales tax deductions I would include in this 2020 tax filing, cap cost reduction tax?
I did have 2 other leased vehicles in 2020 but the leases started in prior years, would I deduct the sales tax from those payments as well?
Thank you in advance!
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March 19, 2021
10:18 AM