Claiming Big Purchases

Forum|Forum|2 years ago
October 25, 2023
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Can big purchases such as home repairs, vehicles, vehicle repairs be claimed or impact refund when filing taxes?

Ask the Experts - Extension - Sept 2023

ElizabethW2

Level 4

Hello, Creed22!

The purchases you mention in your question are of a personal nature. In general, to claim personal items, you have to be able to itemize deductions (personal deductions higher than the standard deduction for your filing status). Even then, the only deduction is the sales taxes you pay on those 'big ticket' items like a vehicle or the building materials for your home improvement. The actual purchase is not a taxable event.

If you own/operate a business and use your vehicle in conducting that business, your deduction will depend on whether you claim the standard mileage allowance or actual vehicle expenses (business portion only).

Thank you for contacting us today! I hope this information answers your question.

Elizabeth W., EA