Can I deduct sales tax on a leased vehicle?

Answer On One Hand: It is DeductibleSales tax paid for a leased vehicle is deductible on federal income tax returns, along with all other state and local sales tax. However, deductions must be itemized to... Read More »

Top Q&A For: Can I deduct sales tax on a leased vehicle

Is sales tax owed on leased vehicle declared a total loss in Texas?

Sales tax is applied at the point of sale when you make your purchase. They have nothing to do with a loss that occurs at a later time. So if you never paid those sales taxes then you would still o... Read More »

How to Deduct Vehicle Sales Tax?

The Internal Revenue Service allows people to claim a deduction for state and local vehicle sales taxes as an itemized deduction. Itemized deductions are reported on your income tax return by using... Read More »

How do I sell a leased vehicle?

Contact BankCall your leasing institution. Ask the banking representative what the "buy-out" amount--the amount to purchase your vehicle and own it outright--is. The representative should give you ... Read More »

How do I calculate sales tax on leased vehicles?

Calculate your sales tax by multiplying the number of months of your lease by the amount you pay each month. Multiply this total by your local sales tax for the amount you will pay over the length ... Read More »