Yes - you can. Please
visit Cars and Other Things You Own and Sales Tax in Deductions and Credits- you may be able to deduct some items associated with the car purchase. Car deductions are part of your itemized deductions. If you don't claim mortgage
interest, real estate taxes, your car deductions will not make a difference on
your tax return.
The property taxes on your car are deductible
in:
- Federal Taxes
- Deductions Credits
- Car and Other Things You Own
- Personal Property Taxes
You may be able to deduct any tax related portion of the registration fee. To
be deductible, the tax portion must be
based on the value of the vehicle and be charged on a yearly basis. Registration,
administrative, or emission testing fees, or tag or plate fees are not deductible for federal
purposes. Often, your registration form will show separate lines for each item,
be sure you deduct only the portion listed as for a vehicle tax. You may be
able to deduct the other fees on your state return.
- Federal Taxes
- Deductions Credits
- Car and Other Things You Own
- Car Registration Fees
T
he sales tax paid on the purchase data entry
in located in:
- Federal Taxes (Personal
Self Employed version)
- Deductions and Credits
- Scroll
down to Estimates and Other Taxes Paid, select Sales tax
Your second question: Life insurance premiums are not tax deductible, they are considered personal expenses.
