can i get money back for buying a car this year? Am i able to claim it?

Forum|Forum|1 year ago
February 5, 2025
1 reply
0 views

I bought a car last year for sales price 9,998 and after all the taxes and fees it was like 20k. I put 4k down, can i claim the car as a big purchase and get more back?

KrisD15

If you itemize deductions, (use Schedule A) the sales tax on that purchase could be advantageous, but most people take the Standard Deduction.

You can enter it and see if it makes a difference.

Deductions & Credits

Estimates and Other Taxes Paid

Sales Tax START

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

xmasbaby0

Employee

Sales tax is an itemized deduction. If you will not have enough other itemized deductions like mortgage interest, medical expenses, charity donations, etc. to exceed your standard deduction, entering sales tax on a car will have no effect on your tax due or refund.

The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600 (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**