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songminyub
New Member

I financed a new car on April of 2018 and have been paying monthly. Do I get some extra money on tax returns when filing tax?

Would I be getting more tax return than usual amount that I have received from the past years? I was filing taxes based on my W-2 only and no other deductions in the past. Also is the deduction for car registration fee valid for the state of NY?

1 Best answer

Accepted Solutions
fanfare
Level 15

I financed a new car on April of 2018 and have been paying monthly. Do I get some extra money on tax returns when filing tax?

nope your car financing is not deductible.

View solution in original post

4 Replies
fanfare
Level 15

I financed a new car on April of 2018 and have been paying monthly. Do I get some extra money on tax returns when filing tax?

nope your car financing is not deductible.

View solution in original post

songminyub
New Member

I financed a new car on April of 2018 and have been paying monthly. Do I get some extra money on tax returns when filing tax?

Would I have to pay taxes for it then?
fanfare
Level 15

I financed a new car on April of 2018 and have been paying monthly. Do I get some extra money on tax returns when filing tax?

If you manage to itemize deductions, you can include the state sales tax you paid for your car
BUT
When your state has income taxes, In most cases this won't help.
With the new tax laws you probably won't itemize anyway.
So your new car is just not a factor to consider.
songminyub
New Member

I financed a new car on April of 2018 and have been paying monthly. Do I get some extra money on tax returns when filing tax?

I see. Thank you for the help!
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