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Old 12-19-2015, 12:35 PM   #15
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"wnytaxman"......Another good post.

Sorry, I've been doing my own taxes for years (no accountants) and it's important to know these things. In 2005 and 2014 when I bought my two DP's new, I was able to write off the sales tax. It was a nice deduction, along with the DMV fees on a new coach.

Something else to remember.....typically when you buy a new rig, you buy some other pretty expensive add ons. Don't forget to track all the tax on those items too.
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Old 12-19-2015, 12:52 PM   #16
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^ Excellent point!
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Old 12-19-2015, 01:08 PM   #17
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Originally Posted by Dutch Star Don View Post
"wnytaxman"......Another good post.

Sorry, I've been doing my own taxes for years (no accountants) and it's important to know these things. In 2005 and 2014 when I bought my two DP's new, I was able to write off the sales tax. It was a nice deduction, along with the DMV fees on a new coach.

Something else to remember.....typically when you buy a new rig, you buy some other pretty expensive add ons. Don't forget to track all the tax on those items too.
I thought this was only available in states with no income tax.
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Old 12-20-2015, 12:43 PM   #18
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I thought this was only available in states with no income tax.



You get either the sales tax or the state income tax for a deduction, whichever is greater. If I paid $10,000 in state income tax but had a $12,000 sales tax deduction I would take the sales tax deduction.

As a side note, if you have a state tax refund this year and you take the sales tax deduction this year, you will not have to pick up your state income tax refund as income in the following year.
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Old 12-23-2015, 07:38 AM   #19
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[QUOTE=lrose44;2867343]
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Did the $250,000 quick write of depreciation come along with that ??

Russell[/QUOTE

Actually it is $500,000 and they made it permanent.
Len is correct that the deduction is up to $500,000 and there is bonus depreciation available for certain new business assets. If you are looking to put a motorhome into a business deduction, be careful. There are a lot of recent cases that have knocked out the write off of a motorhome for business.

Many of the provisions in the new law are "permanent" which means that they are here for '15 and '16 but a new Congress and/or President can change all of that very quickly for 2017 and beyond.
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Old 12-24-2015, 02:49 PM   #20
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Len is correct that the deduction is up to $500,000 and there is bonus depreciation available for certain new business assets. If you are looking to put a motorhome into a business deduction, be careful. There are a lot of recent cases that have knocked out the write off of a motorhome for business.

Many of the provisions in the new law are "permanent" which means that they are here for '15 and '16 but a new Congress and/or President can change all of that very quickly for 2017 and beyond.[/QUOTE]


wnytaxman

You are absolutely correct in your statement that "permanent" means until Congress changes it. The "bonus" is phased out unless Crongress decides to unphase out it.
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Old 02-03-2016, 02:43 PM   #21
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Not finding this in the tax tables. Help please.
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Old 02-03-2016, 02:51 PM   #22
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Not finding this in the tax tables. Help please.

What are you not finding? If you are referring to the sales tax tables, that is under schedule A. If you are referring to the $500,000 business deduction, that is under Schedule C or as it applies to corporations or partnerships. That deduction is called Section 179.
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Old 02-03-2016, 03:04 PM   #23
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What are you not finding? If you are referring to the sales tax tables, that is under schedule A. If you are referring to the $500,000 business deduction, that is under Schedule C or as it applies to corporations or partnerships. That deduction is called Section 179.
Paid sales tax on a new car in 2015, and was wondering if the tax was enough to matter. Thank you.
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Old 02-04-2016, 11:26 AM   #24
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The first thing you will need to do is to see if you have enough expenses to itemize your deductions. If you do, then you get the greater of your state income taxes paid or the sales taxes paid. The sales taxes consist of amounts from a table for your state and local sales tax and any major purchases that you made on which you paid sales tax. Generally the major purchases would be things like RV's, autos, trucks, etc.

I hope that helps.
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Old 02-04-2016, 12:51 PM   #25
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Paid sales tax on a new car in 2015, and was wondering if the tax was enough to matter. Thank you.
Depends on what tax bracket you are in and if you itemize. You can take the standard sales tax deduction and add the sales tax for the vehicle. everything counts.
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Old 02-04-2016, 01:16 PM   #26
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The first thing you will need to do is to see if you have enough expenses to itemize your deductions. If you do, then you get the greater of your state income taxes paid or the sales taxes paid. The sales taxes consist of amounts from a table for your state and local sales tax and any major purchases that you made on which you paid sales tax. Generally the major purchases would be things like RV's, autos, trucks, etc.

I hope that helps.
It does help, but it doesn't make sense. I pay state income tax, and I pay state sales tax.

But I can only claim one or the other....
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Old 02-04-2016, 01:32 PM   #27
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It does help, but it doesn't make sense. I pay state income tax, and I pay state sales tax.

But I can only claim one or the other....
Yes, you get whichever deduction is greater. I agree that it may not make sense, but hey, this is the tax code we are talking about. It was never meant to make sense. Sorry for the sarcasm, but there are so many things within the code that just drive us all batty. This year we are wrestling with the nuances of Obamacare and it is driving us nuts.
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Old 02-04-2016, 02:59 PM   #28
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Depends on what tax bracket you are in and if you itemize. You can take the standard sales tax deduction and add the sales tax for the vehicle. everything counts.
I mistakenly thought this was new. The standard deduction is best for us since we don't itemize.
DW somehow hit the estimated to the penny for the first time.
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