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The United States’ income tax season is truly a great time to acquire a new or used car. Clever car buyers can more-often-than-not leverage a significant income tax refund for their purchase or down payment. Don’t miss out. Look through our Dodge income tax season car sales in the Sugar Land area today.
The United States’ Internal Revenue Service allows you to deduct sales tax paid on a purchase of a vehicle by itemizing on Schedule A on Form 1040. You can’t claim a deduction unless you choose to itemize. You are permitted to deduct the sales tax whether you buy from a private party or dealership.
Disclaimer. Always consult an income tax professional when filing deductions on your income tax return.
Yes, you are able to deduct the sales tax whether it’s charged on a new or used vehicle. One can only make a sales tax deduction that is equal to what you paid when you purchased the car by adding it to the Sales Tax Table amount for the corresponding state, and the registration fees that you paid, if the fee is based on the value of the car or truck. Furthermore, those expenses are deductible only if you itemize. In the specific case of sales tax, it must be higher than the state income tax that you paid.
If you missed our Dodge Year End or Presidents’ Day Sales Events, don’t dismay, another big sale is happening just around the corner. We have bank-account-friendly car deals throughout the USA tax season. Visit our inventory or incentives to find the Dodge deal in Sugar Land you’ve been hunting for. Our helpful Dodge specialists are waiting to make it even simpler to find the right offer at just the right price.