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I bought car in 2019, how do i find the information i need to enter it into my taxes for a deduction?
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I bought car in 2019, how do i find the information i need to enter it into my taxes for a deduction?
What is the care being used for? Business because you are self-employed? Or is this your personal vehicle?
Or are you talking about the sales tax deduction?
SALES TAX
You can enter the sales tax you paid for the car you purchased in 2019 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.
“Major purchases” that you can enter for the sales tax deduction include:
Motor Vehicles (cars, trucks, motor homes, RV’s, sport utility vehicles and off-road vehicles
Aircraft or boats
Mobile homes
Manufactured housing
Building materials for major home improvements
You cannot deduct: furniture, jewelry, home electronics such as TV’s or computers
https://ttlc.intuit.com/questions/1901222-which-deduction-should-i-choose-sales-tax-or-income-tax
https://ttlc.intuit.com/questions/2566624-how-much-sales-tax-did-i-pay-last-year
https://ttlc.intuit.com/questions/1900791-how-do-i-find-my-local-sales-tax
https://ttlc.intuit.com/questions/2566624-how-much-sales-tax-did-i-pay-last-year
Itemized deductions have no effect unless you have enough to exceed your standard deduction.
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I bought car in 2019, how do i find the information i need to enter it into my taxes for a deduction?
If you bought an electric car or a hybrid, you are looking for the vehicle credit. If you bought a regular car, the sales tax could go on your itemized deductions with your general tax. Since only about 5% of people itemize, that may not be for you. If you are using the car in a business, you will enter it in your business auto information.
Department of Energy- complete list of possibilities
The post by @xmasbaby0 has great links for sales tax as an itemized deduction.
Please respond with further clarification if this is not sufficient to answer your question.
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