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Deductions & credits
Check your closing statement - sales tax is not usually listed - you will see title, transfer and doc stamp taxes. For the sales tax deduction, it includes the following as major purchases:
- A motorized vehicle (car, truck, RV, motorcycle, etc.—sorry, no mopeds).
- An aircraft, boat, mobile home, or manufactured home, but only if you paid the general sales tax rate (otherwise it doesn't apply).
- Building materials for a major renovation or substantial addition to a home, if you paid the general sales tax rate yourself or your contractor was authorized to purchase these materials per your instructions or building contract.
If you bought any other kind of home are vehicle, answer NO to the major purchases question.
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April 15, 2024
11:58 AM