Is it possible to deduct sales tax on my federal return. I live in TX and pay no state tax. I bought a $35000 car with 8.25% tax, so was wondering if there was a way of recovering some of that. And no, its not a hybrid.
Thanks
v0c2000
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Is it possible to deduct sales tax on my federal return. I live in TX and pay no state tax. I bought a $35000 car with 8.25% tax, so was wondering if there was a way of recovering some of that. And no, its not a hybrid.
Thanks
v0c2000
Yes, there is a forumula you use based on state and local sales taxes and the amount of money you earned.
You add the 8.25% sales tax for the car to the resulting formula figure.
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