Solved: I bought an expensive engagement ring, do I get an extra sales tax deduct?
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I bought an expensive engagement ring, do I get an extra sales tax deduct?

 
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Level 9

I bought an expensive engagement ring, do I get an extra sales tax deduct?

You can definitely deduct the sales tax paid on the ring, but it will depend on your tax situation if the deduction will be "extra" or not, or even taken consideration at all if you have any state income tax withheld.

I recommend that you enter it in TurboTax anyway... the program will calculate and determine any potential tax benefit for you... if nothing is gained, the information will simply not be used...

  1. Federal Taxes 
  2. Deductions and Credits
  3. Scroll down to Estimates and Other Taxes Paid, select Sales Tax

View solution in original post

1 Reply
Level 9

I bought an expensive engagement ring, do I get an extra sales tax deduct?

You can definitely deduct the sales tax paid on the ring, but it will depend on your tax situation if the deduction will be "extra" or not, or even taken consideration at all if you have any state income tax withheld.

I recommend that you enter it in TurboTax anyway... the program will calculate and determine any potential tax benefit for you... if nothing is gained, the information will simply not be used...

  1. Federal Taxes 
  2. Deductions and Credits
  3. Scroll down to Estimates and Other Taxes Paid, select Sales Tax

View solution in original post

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