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2 Answers

Tax return for buying a new car?

Asked by: jmlcpl 1976 views YA Discussion

I bought a new car in November 2011, and being the novice that I am at doing my own taxes , I didn’t realize I could get money back for doing so. Would I be able to claim that purchase now for taxes in April or is it too late because its a year old ?

2 Answers

  1. Wayne Z on Nov 30, 2012 Reply

    There are no deductions or credits for buying a new car.

    1) If it was a specific hybrid or electric car, there may be a credit.

    2) If you itemize and you choose to deduct sales tax instead of income tax, you can add the sales tax to the Schedule A.

    Note: Neither of the above apply for most people.

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  2. tro on Nov 30, 2012 Reply

    no, you can claim the sales tax on your Sch A if you itemize which might result in less income tax, you don’t get a refund of any of the sales tax

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