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      01-29-2006, 12:29 PM   #1
feng27shui
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Can I deduct lease sales tax for my taxes?

Am I able to deduct NY sales tax that I incurred from my lease?
I do not own my own business.
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      01-29-2006, 08:50 PM   #2
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I really really doubt it
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      01-29-2006, 10:32 PM   #3
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I think you've got to be self-employed. And by being self employed, even then you may not be able to write-off lease payments. You might only be able to go by mileage. But that's where the benefit of being able write-off lease payments or mileage ends. Self employment tax pretty high. Employee status means the burden of tax liability is on your employer. Self employment means you've got that tax liability, plus many more forms
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      01-30-2006, 11:23 AM   #4
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Thanks for the insight
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      01-30-2006, 11:44 AM   #5
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Short answer is probally not. (Almost definately not).

However, there was a recent change to the federal tax laws that allow you to deduct either your state income taxes OR sales taxes paid from your federal return. This was designed to help people from states that do not have income taxes (like TX). However, it is a one or the other kind of thing, and I doubt your income tax is lower than the total sales tax paid on your lease..

If you go to the IRS website and do a search on "car leases" it will show you all of this information (and is actually fairly easy to read).
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