Are any of the costs associated with buying a car deductible?
I just financed a car this year so was wondering if interest, taxes on car, registration etc are deductible?
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Are any of the costs associated with buying a car deductible?
I just financed a car this year so was wondering if interest, taxes on car, registration etc are deductible?
I know for some of that stuff it depends on the state your in, or wherever you car is registered. I'd check with the state or whoever does your taxes just to make sure.
I am located in Queens, NY
You can deduct the sales tax as part of claiming sales tax over withheld income tax as an itemized deduction.
You can claim any property taxes paid on the car when you register it, but, again, it is an itemized deduction.
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