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Deductions & credits
Sales tax on major purchases (such as a car, boat, RV) are deductible for those who itemized their deductions. However, you can only deduct Sales tax OR State and local income taxes - not both. So, you need to determine which is most.
Additionally - the DMV fees you paid on your car (in excess of what is considered "registration") are also deductible if you itemize your deductions.
No - the interest you pay on your auto loan is not deductible. Sorry...
‎June 7, 2019
2:53 PM