So I purchased my JK in august and going to get my tax returns done next weekend, I am single and Claim Single 0 on my W4, and just do a simple tax return. Will I get any money back from my sales tax with buying my new Rig?

 

Hopefully someone can give you a more definitive answer: I'm thinking you'll need to have enough deductions to itemize in order to benefit from the tax break. Give the IRS a call, they have a helpline that can give you the definite answer.

 

u will have to check to see if u are eligible or not and if it will be worth the deduction becasue it has something to do with state and local taxes also. to be honest the 2009 tax code is so screwy and worded so the avarage person wont really understand it. even tax pros are having problems this year.

also, this has to be a brand new vehicle (unused) not previuosly owned.

but to answer your question: yes you can get money back. most of the time but not all the time. it is used as a deduction on your taxes, so basically it means u have less taxable income which could mean some money back to you in the refund..

do some searches online for the this or call the IRS or check out their website.
i am not going to get in dept with this as it is very complicated

 

you dont need enough deductions.

With the tax law changes in 2009, you can still itemize the sales tax deduction for a new or used vehicle (including a boat or plane) purchased anytime during 2009 (provided you don't deduct your state and local income taxes). As in the past, there is no specific adjusted gross income or purchase price limit when you only deduct sales taxes.

New in 2009: If you do elect to deduct your state and local income taxes, you can still itemize a sales tax deduction for a new (i.e., unused) motor vehicle(s) (but not a boat or plane) purchased after Feb. 16, 2009, on line 7 of 2009 Schedule A. Purchase price and AGI limits discussed in the next paragraph apply when deducting income and motor vehicle sales taxes. The instructions for Schedule A are quite confusing when discussing the sales tax deduction on vehicles and may lead many people to not claim the sales tax on a vehicle purchase.

Also new in 2009: If you do not itemize, you can increase your standard deduction for sales tax paid on a new motor vehicle purchased after Feb. 16, 2009. If your adjusted gross income, or AGI, is less than $125,000 (or $250,000 if filing jointly) you can claim the entire sales tax up to a per vehicle purchase price of $49,500.

 

Basically as said above... it wont add to your refund, but it will lower your tax liability by increasing your standard deduction. You'll need the purchase date, price, and sales tax paid.

 

x2 I just showed my tax preparer my sales invoice towards the purchase of a Lexus...

 

Save yourself a few bucks and use freetaxusa.com. I've been using it the past four years and it's a breeze to complete your taxes. It will walk you right through all of the possible tax deductions/credits. Federal is free and state costs $9.95 (at least for OK). And I will have both refunds deposited into my checking account within ten days of submitting the forms electronically--no extra charge.

 

You will have to fill out schedule L.

 

I'm single and bought mine back in October. I got a nice chunk back from purchasing my vehicle. Paired with that $400 worker tax credit or whatever it was. I managed to get more back then I paid last year. (Probably the last time in my life that will ever happen)

 

LIke I Said I am Single I claim Single 0 on my Taxes So will I get any money since I will be getting back from Federal and State since I take the most out of my check. I want to make sure I do this before I go to the Accountant.