Tax Year 2016: I purchased a car in 2016 with an auto loan from Kia and then refinanced with Desert Schools. Does this qualify for a tax break?

nicolemoses06 — Fri, 28 Apr 2023 15:14:15 GMT

Yes, but only if you file a Schedule A for Itemized deduc...

KarenL2 — Thu, 06 Jun 2019 05:22:04 GMT

Yes, but only if you file a Schedule A for Itemized deductions. Most taxpayers who file a Schedule A own a home or have a very large charitable contributions, etc. If not, the Standard Deduction normally works out best.

How does the itemized deduction differ from the standard deduction?

https://ttlc.intuit.com/replies/3302313

For personal use, you can deduct the registration fees you pay each year that is the portion based on the value of the vehicle and paid annually. This would be on your purchase contract.

If you itemize deductions on Schedule A you can take a deduction for state and local income tax paid or state sales tax paid. You can compute the amount of sales tax by adding up your receipts for the year or by using a table provided by the IRS. In addition to this base amount you can deduct sales tax paid on large purchases such as a car, truck, boat, etc.

To get to the area to enter it: While inside the software and working on your return , type property taxes - auto in the Search at the top of the screen (you may see a magnifying glass there). There will be a popup that says Jump to property taxes - auto. Select that to get to the general area.

topic Tax Year 2016: I purchased a car in 2016 with an auto loan from Kia and then refinanced with Desert Schools. Does this qualify for a tax break? in Deductions & credits

Tax Year 2016: I purchased a car in 2016 with an auto loan from Kia and then refinanced with Desert Schools. Does this qualify for a tax break?

Yes, but only if you file a Schedule A for Itemized deduc...