topic I purchased a new car 2016 can I claim that on my taxes. in Deductions & credits

I purchased a new car 2016 can I claim that on my taxes.

poolygirl88 — Sat, 01 Jun 2019 01:44:06 GMT

Nope. But if you purchased this car for business use, the...

Carl — Sat, 01 Jun 2019 01:44:08 GMT

Nope. But if you purchased this car for business use, then you might be able to claim some expenses - but not what you paid for it or anything of the such.

SALES TAX You can enter the sales tax you paid for the ca...

xmasbaby0 — Sat, 01 Jun 2019 01:44:11 GMT

SALES TAX

You can enter the sales tax you paid for the car you purchased in 2016 by going to Federal>Deductions and Credits>Estimates and Other Taxes Paid> Sales Tax. You will be asked if you paid sales tax on a major purchase, and you will be able to enter the sales tax you paid for your new vehicle.

Sales tax is an itemized deduction. If your state has a state income tax, you have to choose between using the deduction for your state tax paid OR the sales tax deduction, whichever is higher. The TT process will suggest one or the other as you prepare your return.

If you want to enter deductions (if you know they will be...

VolvoGirl — Sat, 01 Jun 2019 01:44:15 GMT

If you want to enter deductions (if you know they will be more than the Standard Deduction) you will have to upgrade to Deluxe.

For 2016 the standard deduction amounts are:
Single 6,300 + 1,550 for 65 and over
HOH 9,300 + 1,550 for 65 and over
Joint 12,600 + 1,250 for each 65 and over
Married filing Separate 6,300 + 1,250 for 65 and over