The United States’ income tax season is, without a doubt, a smart time of the year to acquire a new car. Discerning car buyers can usually apply a significant tax refund towards their down payment or purchase. Find our Sugar Land tax season car deals for Honda today.
The Internal Revenue Service allows you to deduct sales tax you paid for the purchase of a vehicle by itemizing on Schedule A on Form 1040. You can’t claim this sales tax deduction unless you choose to itemize. You are permitted to deduct this sales tax whether you purchase from a private party or auto dealer.
Disclaimer. Always consult a tax adviser before claiming deductions on your taxes related to a vehicle.
Yes. You can certainly deduct the sales tax whether it’s charged on a used or new car. Generally speaking, you can only deduct the sales tax that is equal to what you paid when the car or truck was purchased by adding it to the Sales Tax Table for your state, alongside the car or truck registration fees, if the state bases the fee upon the value of the car or truck. Those expenses are deductible if itemized only. In the specific case of sales tax, it needs to be higher than the state income tax that you paid.
If by chance you happened to miss out on our Honda Year End or Presidents’ Day Sale Events, don’t worry, our next big sale is always waiting just around the corner. We feature great car sales throughout the USA tax season. Check out our inventory or incentives to find the Sugar Land Honda deal you’ve been day-dreaming about. Our expert Honda specialists are ready to make it even simpler to find the right vehicle at just the right price point.
Sugar Land Honda Income Tax Season Car Sales | Gillman Honda Fort Bend