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 »

If you are the primary driver of a leased vehicle in your parent's name who lives at a separate address can you insure the vehicle under your own policy at your address instead of theirs?

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 »