A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Do you get a tax break for buying a car?

Best Answers

A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link. Be a good listener. read more

If you were counting on a big tax break to help you buy a new car this year, forget it. Most federal tax incentives for new car purchases expired at the end of 2011. A few survived into 2012, but they are limited to two types of car -- electrics and plug-in hybrids -- and you'll have to figure for yourself whether the tax incentive is worth the extra cost of the vehicle. read more

The deduction for sales tax is under the deductions and credits tab. Go to: Deductions and Credits . Estimates and Other Taxes Paid ; Sales Tax. Click Update next to Sales Tax. Click Continue. Select Easy Guide; Click Edit next to your sales tax rate. Click Continue twice and you will then be on the page where you enter your car or other major purchases. read more