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Tax season is seriously a great time to finance a new or pre-owned vehicle. Savvy car buyers can generally put down a sizable tax refund for their down payment or purchase. Don’t wait. View our Beaumont Dodge income tax season car sales today.
The Internal Revenue Service permits a deduction on sales tax for a car purchase on Form 1040, Schedule A. Unless you itemize, you can’t deduct sales tax. You may deduct the tax whether you purchase from a private party or car dealer.
Disclaimer. Consult an income tax adviser before taking deductions on your taxes related to a car or truck.
Yes. You are able to deduct the sales tax whether it is charged on a used or new vehicle. You can only deduct the sales tax that is equal to what was paid when you purchased the car by adding it to the Sales Tax Table amount for the appropriate state, along with the registration fees paid, if the state bases the fee upon the value of the car or truck. Those expenses are deductible if itemized only. In the case of sales tax, it needs to be higher than the state income tax that you paid.
If by chance you missed out on our Dodge Year End or Presidents’ Day Sales Events, don’t dismay, another big sale is always happening just around the corner. We offer wallet-friendly car sales throughout the US tax season. View our inventory or incentives to find the Beaumont Dodge deal you’ve been looking for. Our helpful Dodge specialists are ready and waiting to assist you in finding the right offer at a competitive price.