I recently became a Texas resident and paid sales tax to Texas on a car I purchased. Is that state sales tax deductable from my federal income taxes (Texas has no state income tax)?
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26. November 2009 at 11:00 am
Yes, on your Schedule A, which means you would need to itemize to receive the deduction. If you don’t itemize, your standard deduction might be greater than your itemized deductions.
You may want to contact a tax professional for your state taxes, as there are additional schedules you will need to file for the tax paid, as well as resident and nonresident state tax returns.
26. November 2009 at 11:00 am
Only if you can itemize deductions.
26. November 2009 at 11:00 am
YES
26. November 2009 at 11:00 am
Yes. However this will only help you if you itemize instead of taxing the standard deduction.
26. November 2009 at 11:00 am
Yes, if you are already itemizing on a schedule A (itemized deductions) you can enter sales tax on it in the taxes portion. Your itemized deductions have to be over the standard deduction in order for it to count. If you have any questions, please feel free to contact me. I’ll be happy to help.