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I live in Louisiana. Trying to see what information to put for my vehicle tax credit. Is it the value of the car or the registration fees. It was bought this tax year.
If the car was bought in 2016 will it be a deduction itself or just the registration fees?
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June 6, 2019
8:07 AM
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Deductions & credits
"It was bought this tax year."
"If the car was bought in 2016"
So when exactly was it purchased?
"If the car was bought in 2016"
So when exactly was it purchased?
June 6, 2019
8:07 AM
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Deductions & credits
That was supposed to say 2017. Working nights and just getting off. Brain isn't working. Haha
June 6, 2019
8:07 AM
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Deductions & credits
On a federal tax return there is not a tax credit for a vehicle purchased for personal use unless it is an electric or a plug-in hybrid electric vehicle. See this website for eligible vehicles purchased in 2017 - https://www.fueleconomy.gov/feg/taxevb.shtml
Certain vehicle registration fees are deductible as an itemized deduction on Form 1040 Schedule A. Louisiana is one of the states where the registration fee that is based on the value of the vehicle is deductible.
To enter, edit or delete Car Registration Fees -
- Click on Federal Taxes
- Click on Deductions and Credits
- Click on I'll choose what I work on (if shown)
- Under Cars and Other Things You Own
- On Car Registration Fees, click the start or update button
Or enter car tags in the Search box located in the upper right of the program screen. Click on Jump to car tags
June 6, 2019
8:07 AM