How to handle car taxes on a leased car?
How do you handle car taxes, when filling out taxes for the year (Connecticut), when the car is a lease? I just have something from the car company saying what was paid.
I was actually referring to the property tax paid on it.
Tags: car, car company, car taxes, company, Connecticut, filling out taxes, handle, lease, leased, property tax, something, taxes, year
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July 23rd, 2010 at 9:16 am
Dear Tim: If you are referring to Sch. A and the sales tax deduction, most people use the “safe harbor” method. That is a predetermined amount based on your income level. If you plan on using actual sales tax numbers you will have to get a print out from the leasing company showing sales tax paid. Then you will keep records of all items purchased through the year for your total sales tax paid.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor
July 23rd, 2010 at 10:00 am
I’m assuming you’re talking about property tax, not sales tax. You report the tax the same whether you paid it to the leasing company or the town. If you’re using software that requires a date paid entry you can use any date during 2008. If you don’t itemize your deductions for federal on Schedule A you don’t get the deduction. You will still get it on your CT 1040.