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Author: ORA100 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121105  
Subject: New Car Date: 7/3/2012 10:50 AM
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I purchased a new car in 2012. I am trying to figure out if I can deduct off the sales tax I paid on my Federal and State Taxes ( I live in IL). Thanks for the great help.

Doug
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116388 of 121105
Subject: Re: New Car Date: 7/3/2012 12:14 PM
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I purchased a new car in 2012. I am trying to figure out if I can deduct off the sales tax I paid on my Federal and State Taxes ( I live in IL).

Federal: If you itemize deductions on Schedule A you can choose between state income tax and sales tax for your state and local tax deduction. If you choose sales tax you can add the sales tax on a car to the income-based amount the IRS provides in tables.

IL: No. IL doesn't have itemized deductions.

Phil
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Author: Wradical Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116389 of 121105
Subject: Re: New Car Date: 7/3/2012 1:45 PM
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I purchased a new car in 2012. I am trying to figure out if I can deduct off the sales tax I paid on my Federal and State Taxes ( I live in IL).
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That provision expired 12/31/2011, for about the 4th time. It MAY be extended retroactively, for about the 3rd time, but don't count on it yet, and don't look for Congress to act before the election.

Bill

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