Skip to main content
January 30, 2025
Question

Can I deduct the sales tax on a financed fifth wheel that was purchased in 2024?

  • January 30, 2025
  • 1 reply
  • 0 views
No text available

    1 reply

    January 30, 2025

    The sales tax would be allowable as an itemized deduction for taxes. However, you would need to choose to deduct sales taxes in lieu of deducting state income taxes on your federal return, which may be a lager amount. Also, you need to benefit from itemizing your deductions for the deduction to benefit you. Your itemized deductions would have to be more than your standard deduction, which base amount is $14,600 for a single filer and twice that amount for married-filing joint in 2024.

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"