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Deductions & credits
@Mike9241 wrote:
im my state ther is a state license and title tax. merely pointing out that the op didn't specify what the tax was called nor were complte details given about the transfer. but it could be a sales tax, my state has tthat too
I did also note that it is only deductible sales/use tax if it is charged at the same rate as sales/use tax on other goods and services in the state. If the tax is the same rate as sales tax, the IRS will consider it deductible sales tax even if it is labeled "title tax". But if the tax is a different rate from general sales tax, then it's not deductible even if it is called "sales tax."
‎July 18, 2023
8:34 AM