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dan17
New Member

I leased a car in 2016, where do I find the sales tax I can deduct? Should I deduct the sales tax for the term of the lease offor the 12 monthly payments each year?

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4 Replies
MargaretL
Expert Alumni

I leased a car in 2016, where do I find the sales tax I can deduct? Should I deduct the sales tax for the term of the lease offor the 12 monthly payments each year?

You can deduct the sales tax that you paid in 2016 for the leased car. The sales tax on a leased vehicle is deducted in the same manner as the sales tax for new or used purchased cars. Please follow the steps below for data entry:

  1. Federal Taxes 
  2. Deductions and Credits
  3. Scroll down to Estimates and Other Taxes Paid, select SalesTtax
dan17
New Member

I leased a car in 2016, where do I find the sales tax I can deduct? Should I deduct the sales tax for the term of the lease offor the 12 monthly payments each year?

Thank you. I think I understand what to do for 2016.
Regarding future years, should I be able to deduct sales tax on monthly lease payments (lets say 2017 monthly payments) or the sales tax is only deductible for the payments of the year the lease contract was signed? I live in Florida.
jmcapra
New Member

I leased a car in 2016, where do I find the sales tax I can deduct? Should I deduct the sales tax for the term of the lease offor the 12 monthly payments each year?

Hi, I have the same question... If I'm on my second year of the lease, can I deduct the sales tax that I pay on every monthly payment? I live in WA.

For example if I pay the following....
Lease $476.96
Tax $49.13
Total $526.09

Can I deduct $49.13 x 12 = $589.56 ?

I leased a car in 2016, where do I find the sales tax I can deduct? Should I deduct the sales tax for the term of the lease offor the 12 monthly payments each year?

I have the same question.

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