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We added our car taxes to monthly lease payment, how do I claim that amount?
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Yes, you can claim sales tax on a leased vehicle for a one time deduction the year it was leased.
Most people deduct income tax, but in the case that you made several large purchases you will probably receive a larger refund by claiming sales tax.
To enter the sales tax deduction:
1. Go to the search bar in the top right and enter "Sales Tax Deduction"
2. Select "Jump to Sales Tax Deduction"
3. Select "Try Sales Tax Deduction Anyways"
4. When asked "How do you want to enter your sales tax info?", select "EasyGuide"
5. Enter your location info and answer the questions
6. Enter your tax rate and continue (Select this link for your state sales tax rate)7. When asked, "Did you buy any major items?", answer "Yes"
8. You will come to a page titled "Enter Major Purchases". Enter your vehicle here, or add anything else that you've paid sales tax on. Select the Type drop-down box for a list of options.
https://ttlc.intuit.com/replies/3302003
Thank you
Do I spread it over the 3 year term of the lease or take the entire sales tax paid at time of lease purchase.
Sales tax is deducted in the year it is paid. You would not spread it out over the terms of the lease.
See the following TurboTax help article to learn more about the sales tax deduction:
Can I claim the sales tax deduction?
Where do I enter my sales taxes paid?
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