new car tax deduction?
 

Anyone know if they have a new car tax deduction this year? Last im seeing is 2010

Im pretty sure there is a deduction on the tax paid on any automobile, motorcycle, or Motorhome bought in 2012. But thats wi i dont know if that's different.

I don't think so, I looked into this when I bought mine and did not find anything.

You can choose to deduct sales tax on your federal return rather than state income tax (if you're itemizing deductions). If you're in a state with no income tax or you pay very little state income tax, hold onto that receipt. :)

I do not believe there are any specific new car tax credits or deductions.

hm so i might have to go with a 1040a for this? nj is beyond reasonable taxing so i want some back lol

Depends on your state. I know in Tennessee were we don't have an income tax, but we do have a high state sales tax, you can deduct what you've spent on large items directly.

I don't think they continued the sales tax deduction for people that live in no-state-income-tax states. Congress renewed this every year for the past several years, this has not been done for 2012.

Congress could make it retroactive to 2012, but I'm not holding my breath that much of anything will happen.

Not happy about this...

hm i dont have much faith in them either