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View Full Version : Since when is tax paid on a new car deductable?


1stTimeCaller
2/15/2006, 02:37 PM
This is about the 4th car I've purchased and my accountant told me to get him the registration showing the excise(sp?) tax paid so I can deduct it from my Fed taxes?

Also, $9k is about right to deduct for moving expenses isn't it? That's two moves last year.
yermom
2/15/2006, 02:38 PM
that might have been nice in 2003...
TopDaugIn2000
2/15/2006, 02:38 PM
even with the tax I paid on the new car and the move I made this year, it still wasn't enough to help. I just end up taking the standard deductions and moving along.
jkm, the stolen pifwafwi
2/15/2006, 02:40 PM
all state and local taxes (including car tags) are deductible. moving expenses are an audit item so make sure you have receipts, your labor isn't counted.

oh, and whoever the saint was that snuck that sales tax deduction in there get my vote.
1stTimeCaller
2/15/2006, 02:41 PM
even with the tax I paid on the new car and the move I made this year, it still wasn't enough to help. I just end up taking the standard deductions and moving along.


the moving expenses are in addition to the standard deduction. I don't itemize and this will be the second year that I deducted moving expenses on top of the standard.

not sure about the car.
Skysooner
2/15/2006, 02:41 PM
Any taxes paid to the state are deductible from your federal taxes. This includes any excise tax paid for a new car purchase as well as the property tax that you pay to get your tags Any refunds you get from the state are taxable by the feds. That is why you need to report the money you got from Oklahoma earlier this year.
1stTimeCaller
2/15/2006, 02:43 PM
all state and local taxes (including car tags) are deductible. moving expenses are an audit item so make sure you have receipts, your labor isn't counted.

oh, and whoever the saint was that snuck that sales tax deduction in there get my vote.

Neither my accountant nor a good friend of mine that is a CPA have ever seen anyone get audited for moving expenses. They have about 70 years experience combined.
OklahomaTrombone
2/15/2006, 02:46 PM
never say never.
colleyvillesooner
2/15/2006, 02:47 PM
never
OklahomaTrombone
2/15/2006, 02:49 PM
bastard.
jkm, the stolen pifwafwi
2/15/2006, 02:55 PM
Neither my accountant nor a good friend of mine that is a CPA have ever seen anyone get audited for moving expenses. They have about 70 years experience combined.

i'm just going by what turbotax says. it popped up as an audit alert when i moved to warshington but that might have been because it was reimbursed.

this year i got an audit alert because i paid in way too much SS tax (since i switched jobs).

as an aside, the SS cap is beginning to **** me off. is it really necessary to push it up 5 grand every year?
Mjcpr
2/15/2006, 02:58 PM
Dear Hillbillies,

Your Oklahoma car tags are NOT deductible. Back when they were based on the value of the vehicle they were but not since they changed that a few years ago. However, your boat tags are....I'm pretty sure. Mine are at least. :D
Stoop Dawg
2/15/2006, 03:06 PM
as an aside, the SS cap is beginning to **** me off. is it really necessary to push it up 5 grand every year?

Unless you want the whole mess to collapse, probably.
TopDaugIn2000
2/15/2006, 03:21 PM
Neither my accountant nor a good friend of mine that is a CPA have ever seen anyone get audited for moving expenses. They have about 70 years experience combined.

I sure hope you are right. I counted labor as well....oops. I knew I couldnt' count the meal, but uh oh.

Truck, gas, and a little cash for my buddy that helped was just under $300 though. Hopefully that won't throw up a red flag.
critical_phil
2/15/2006, 03:21 PM
Unless you want the whole mess to collapse, probably.



BRUUUCE and i are making sure that won't happen...
TopDaugIn2000
2/15/2006, 03:24 PM
you know, I thought I was being so smart doing them myself and all, but I just keep finding out more and more mistakes I've made. **** that man, I'm gonna save every freakin piece of paper I come across and let an accountant deal with it next year.
1stTimeCaller
2/15/2006, 03:25 PM
even with the tax I paid on the new car and the move I made this year, it still wasn't enough to help. I just end up taking the standard deductions and moving along.



I sure hope you are right. I counted labor as well....oops. I knew I couldnt' count the meal, but uh oh.

Truck, gas, and a little cash for my buddy that helped was just under $300 though. Hopefully that won't throw up a red flag.

I don't understand. You did deduct moving expenses or you didn't?

You can take the standard and deduct moving expenses.
mdklatt
2/15/2006, 03:27 PM
You can take the standard and deduct moving expenses.

Can or cannot? :confused:
TopDaugIn2000
2/15/2006, 03:27 PM
I don't understand. You did deduct moving expenses or you didn't?

You can take the standard and deduct moving expenses.

I just looked back, and that's what I did (standard & moving expenses). I was thinking I couldn't do both.

The car tax and stuff paid didn't amount to more than the standard deduction, so I took it instead.

Sorry, I hate this stuff, got confused.
1stTimeCaller
2/15/2006, 03:30 PM
Can or cannot? :confused:


c.a.n. you can take both deductions.
85Sooner
2/15/2006, 03:34 PM
in TExas the past two years it has been deductible because we have no State income Tax
Hamhock
2/15/2006, 04:06 PM
c.a.n.

moving expenses are not deducted on Schedule A. they are deducted on line 26 of page 1. Schedule A deductions determine whether or not you take the standard deduction or itemize.

also, moving needs to be because of work.
Mjcpr
2/15/2006, 04:08 PM
also, moving needs to be because of work.

Have you ever moved? It's nothing but work!!
1stTimeCaller
2/15/2006, 04:08 PM
both moves were. I was in SE Missouri and then transferred to Denver. Quit the job in Denver after 10 months and moved to Fort Worth.
TopDaugIn2000
2/15/2006, 04:57 PM
it was. the 67 mile (one way) commute bout kil't me. literally.