Can i claim my new car I bought in 2016

jeannettealexand — Sat, 01 Jun 2019 03:08:58 GMT

Can i claim life insurance premiums that i pay every month

Yes - you can. Please visit Cars and Other Things You Own...

MargaretL — Sat, 01 Jun 2019 03:09:00 GMT

Yes - you can. Please visit Cars and Other Things You Own and Sales Tax in Deductions and Credits- you may be able to deduct some items associated with the car purchase. Car deductions are part of your itemized deductions. If you don't claim mortgage interest, real estate taxes, your car deductions will not make a difference on your tax return.

The property taxes on your car are deductible in:

Federal Taxes
Deductions Credits
Car and Other Things You Own
Personal Property Taxes

You may be able to deduct any tax related portion of the registration fee. To be deductible, the tax portion must be based on the value of the vehicle and be charged on a yearly basis. Registration, administrative, or emission testing fees, or tag or plate fees are not deductible for federal purposes. Often, your registration form will show separate lines for each item, be sure you deduct only the portion listed as for a vehicle tax. You may be able to deduct the other fees on your state return.

Federal Taxes
Deductions Credits
Car and Other Things You Own
Car Registration Fees

T he sales tax paid on the purchase data entry in located in:

Federal Taxes (Personal Self Employed version)
Deductions and Credits
Scroll down to Estimates and Other Taxes Paid, select Sales tax

Your second question: Life insurance premiums are not tax deductible, they are considered personal expenses.

topic Can i claim my new car I bought in 2016 in Deductions & credits

Can i claim my new car I bought in 2016

Yes - you can. Please visit Cars and Other Things You Own...