Can I deduct lease sales tax for my taxes?

feng27shui · 01-29-2006, 12:29 PM

Am I able to deduct NY sales tax that I incurred from my lease?
I do not own my own business.

ward · 01-29-2006, 08:50 PM

I really really doubt it

deutschmann59 · 01-29-2006, 10:32 PM

I think you've got to be self-employed. And by being self employed, even then you may not be able to write-off lease payments. You might only be able to go by mileage. But that's where the benefit of being able write-off lease payments or mileage ends. Self employment tax pretty high. Employee status means the burden of tax liability is on your employer. Self employment means you've got that tax liability, plus many more forms

feng27shui · 01-30-2006, 11:23 AM

Thanks for the insight

espo · 01-30-2006, 11:44 AM

Short answer is probally not. (Almost definately not).

However, there was a recent change to the federal tax laws that allow you to deduct either your state income taxes OR sales taxes paid from your federal return. This was designed to help people from states that do not have income taxes (like TX). However, it is a one or the other kind of thing, and I doubt your income tax is lower than the total sales tax paid on your lease..

If you go to the IRS website and do a search on "car leases" it will show you all of this information (and is actually fairly easy to read).

01-29-2006, 12:29 PM	#1
feng27shui Enlisted Member 13 Rep 36 Posts Drives: 330xi Join Date: Nov 2005 Location: New York iTrader: (0) Garage List 2006 330xi [0.00]	Can I deduct lease sales tax for my taxes? Am I able to deduct NY sales tax that I incurred from my lease? I do not own my own business. __________________ 330xi\|Titanium Silver\|Blk Leather\|Premium\|Sport\|162's\|Nav
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01-29-2006, 08:50 PM	#2
ward Major General 159 Rep 6,158 Posts Drives: F Join Date: May 2005 Location: T iTrader: (0)	I really really doubt it
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01-29-2006, 10:32 PM	#3
deutschmann59 Captain 182 Rep 737 Posts Drives: 2006 325i Join Date: Mar 2005 Location: e90post.com iTrader: (0)	I think you've got to be self-employed. And by being self employed, even then you may not be able to write-off lease payments. You might only be able to go by mileage. But that's where the benefit of being able write-off lease payments or mileage ends. Self employment tax pretty high. Employee status means the burden of tax liability is on your employer. Self employment means you've got that tax liability, plus many more forms
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01-30-2006, 11:23 AM	#4
feng27shui Enlisted Member 13 Rep 36 Posts Drives: 330xi Join Date: Nov 2005 Location: New York iTrader: (0) Garage List 2006 330xi [0.00]	Thanks for the insight __________________ 330xi\|Titanium Silver\|Blk Leather\|Premium\|Sport\|162's\|Nav
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01-30-2006, 11:44 AM	#5
espo Captain 12 Rep 715 Posts Drives: 2014 M235i Join Date: Sep 2005 Location: Sugar Land TX iTrader: (0)	Short answer is probally not. (Almost definately not). However, there was a recent change to the federal tax laws that allow you to deduct either your state income taxes OR sales taxes paid from your federal return. This was designed to help people from states that do not have income taxes (like TX). However, it is a one or the other kind of thing, and I doubt your income tax is lower than the total sales tax paid on your lease.. If you go to the IRS website and do a search on "car leases" it will show you all of this information (and is actually fairly easy to read). __________________ E46 325xi Oxford Green/Sand Leatherette/Myrtle Wood Auto ZCW - Retired E90 330xi Mystic Blue/Black Leather/Aluminum 6sp Manual ZSP/ZPP/ZCW/CA - Retired F22 M235i Mineral Gray/Red Leather/Aluminum 6sp Manual ZPP/ZTP
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