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Yes. Qualified items would include:
Include only the amount you would have paid up to the general sales tax rate in your location.
If you itemize deductions on Schedule A you can take a deduction for state and local income tax paid or state sales tax paid. You can compute the amount of sales tax by adding up your receipts for the year or by using a table provided by the IRS. In addition to this base amount you can deduct sales tax paid on large purchases such as a car, truck, boat, etc.
Where in the Turbo Tax program do you file the sales tax paid, to purchase the RV? We paid cash for ours.
If you itemize deductions on Schedule A you can take a deduction for state and local income tax paid or state sales tax paid.
You can claim the sales tax paid by following the steps below:
We purchased an RV registering in PA paying under the $10k cap. I followed the directions you posted to enter in this amount. However it says that the standard deduction would be more. I paid more than $8600 and want to double check that this information is accurate. I did not itemize all PA site sales taxes however on purchases throughout 2022.
@harnerwil You say you entered $8600 in sales tax as an itemized deduction. But did you enter other itemized deductions like mortgage interest? That $8600 by itself is not enough to have any effect.
STANDARD DEDUCTION
Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns. The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact since the new tax laws went into effect beginning with 2018 returns.
Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts) The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.
Your standard deduction lowers your taxable income. It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2022 Form 1040.
2022 STANDARD DEDUCTION AMOUNTS
SINGLE $12,950 (65 or older + $1750)
MARRIED FILING SEPARATELY $12,950 (65 or older + $1750)
MARRIED FILING JOINTLY $25,900 (65 or older + $1400 per spouse)
HEAD OF HOUSEHOLD $19,400 (65 or older +$1750)
Legally Blind + $1750
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