I bought a 2016 Tacoma in March of 2016 in NC. Can I deduct any part of that purchase?

connerke — Thu, 06 Jun 2019 05:41:15 GMT

I live in NC.

As long as you only use if for personal use, you can dedu...

LeeM — Thu, 06 Jun 2019 05:41:16 GMT

As long as you only use if for personal use, you can deduct the sales tax paid, and the vehicle taxes paid on it from your NC registration form but not the NC registration fees (just the tax portion). I had added directions below on how to enter that potentially deductible sales tax paid. You will enter your vehicle registration tax under Federal Taxes, Credits and Deductions and Cars and Other Things I Own.

Some state's car registration fees may be partially deductible on your federal income taxes, but only under certain circumstances. A portion of the registration fee must be charged based on the vehicle's value -- as opposed to its size, age or other characteristics. If part of your registration is indeed deductible, you must itemize your deductions to claim it, rather than using the standard deduction.

Car Sales Tax Paid

If you are trying to claim the sales tax paid, TurboTax will help you to decide whether to deduct your sales tax paid or local/state income taxes paid (usually from your paycheck), if you are able to itemize your deductions.

To enter the sales tax paid when you purchased your vehicle, you can follow the steps below:

Type Sales tax car in the Search box and Select the same phrase in the drop down box
Select Jump to and you will be taken to the sales tax section
Select Continue with Sales Tax then Easy Guide
Enter your state and tax rate or Edit it if you have already entered it.
After finishing that you will see a Major Purchases screen, you should select Yes you did buy major items
You can then enter your car sales tax paid on the Enter Major Purchases screen

topic I bought a 2016 Tacoma in March of 2016 in NC. Can I deduct any part of that purchase? in Deductions & credits

I bought a 2016 Tacoma in March of 2016 in NC. Can I deduct any part of that purchase?

As long as you only use if for personal use, you can dedu...