If you bought a car in 06...?

Is it true if you were financing it, you can write it off the interest when you do your taxes??? If so than i am LIVID ,and hate H %26amp; R block- Apparently thre is a whole bunch of things i found out you can write off that HR block doesnt tell you.....

If you bought a car in 06...?

No, you can%26#039;t write off the interest on your personal car - you might be able to if you own a business, and the car is used for that business.

What you can write off on a car purchase is SALES TAX - only if you itemize, and if you choose to deduct sales tax rather than state and local income taxes.

If you bought a car in 06...?

My husband is independently contracted and we went to H %26amp; R Block last year, at first. We finally got his brother to check the taxes for us (for any more breaks) and found out H%26amp;R was forgetting about $500 in write offs! I really don%26#039;t recommend them at all. I%26#039;m not sure about the interest on cars, but I definitely understand the situation!! Good luck

If you bought a car in 06...?

Not unless you use it for business purposes. Some portion of the cost of the tag every year, and the taxes you paid when you bought it may be deductible even if you dont use it for business. Sometimes its difficult for a tax preparer to know what to ask, especially if its a new client, or the preparer doesnt have a copy of a prevous return. There are common deductions and there are quite a few more that arent so common. There are always changes from year to year. And about every decade there are big changes. Every person%26#039;s situation can be a little different. And their situation can change from year to year. Clients may not know what to tell preparers and preparers may not know what to ask.

If you bought a car in 06...?

Normally auto loan interest is taxable. If you use the car solely for business (I don%26#039;t mean driving to and from work) it may be different. Try the IRS website.

If you bought a car in 06...?

No. Interest on an automobile is not deductible unless the vehicle is used for business......and going back and forth to work does not count as business.

If you bought a car in 06...?

NO! Auto loan interest is not tax deductible unless you used it for your business (not driving to and from work). Example would be if you are self employed, like a realtor.

If you bought a car in 06...?

Sales tax on the purchase may be deductible in certain situation but the interest is not.

If you bought a car in 06...?

Wow! Block actually got something right for a change!

No, you CANNOT write off the interest on a car loan. So, cool your jets, OK?

If it%26#039;s a business vehicle you might be able to write off some of the expense. BUT if you%26#039;re not telling your tax preparer everything then don%26#039;t expect them to read your mind.

If you bought a car in 06...?

you have 2 options to claim %26#039;business use%26#039; of your car. You can claim the standard mileage rate, or %26#039;actual expenses%26#039;. If you claim actual expenses, you need to record ALL expenses related to the car (gas, oil, maintenance, etc.) and the number of miles for both business and personal use. Find the percentage of business use and multiply by the total expenses.