I know that I'm able to deduct the excise tax that I've paid on my car in MA because it is levied as a percentage of the value of the care.
Here's where I'm confused. I was charged the tax this February for last year. Do I write that off when filing taxes for 2016? Or can I only deduct that when I'm filing 2017 taxes next year?
Thanks!
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In general, you can only deduct in the year that you paid it. Although the excise was for 2016, the fact that you paid it in 2017 means that you can only deduct in 2017. Just hold onto the statement/receipt and remember to add it in for the 2017 filing.
In general, you can only deduct in the year that you paid it. Although the excise was for 2016, the fact that you paid it in 2017 means that you can only deduct in 2017. Just hold onto the statement/receipt and remember to add it in for the 2017 filing.
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