Tax Returns for your Mustangs - Page 2 - Ford Mustang Forum
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My return is going to pay off some of the credit cards I've used to buy things for my Mustang. For example, I picked up the Steeda tower brace today. It's just too bad I can only get one year's return at a time.

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my return should be back in a few weeks and i already plan to spend it on paint for the spoiler, hood, and a steeda or jba exhaust.. the rest will go into the new rim/tires fund! I claim 1.. cause my pony depends on me! muahahah!

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Does anyone know if we can claim our cars as dependents? I mean it does have a serial number which looks an aweful lot like a social security number? I think I am on to something here, and since I ordered it before December 31st, I should be able to claim it for fiscal year 2005 right?

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Quote:
Originally Posted by mustangaretuff
Does anyone know if we can claim our cars as dependents? I mean it does have a serial number which looks an aweful lot like a social security number? I think I am on to something here, and since I ordered it before December 31st, I should be able to claim it for fiscal year 2005 right?
Why don't you try that and let us know how that works out.




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I claimed all three cars on my taxes.

My beater, for the mileage.
And both '06 vehicles I bought... the taxes I paid on them are deductable...

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Quote:
Originally Posted by LqDFx
I spent part of mine on a new head unit with a 7" screen, a radio relocation kit, and Cobra Rs. Next year it is a 347 stroker and brakes. I have 4 kids, claim 0 and throw a couple extra dollars in to help bump up the return. I find this is the easiest way for me to save money. No intrest, but I have like 8k every year that the wife and I split!
Hehe, that's exactly what I do. FORCED savings...hehe

-N
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Tax money? I haven't got back money from the government since I was 20 years old. Maybe this year just got married and my wife always gets money back. Plus being home owners always helps. Plus I heard that this year if you buy a new car you can claim it next year. I hope that my accountant knows what he is doing.

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Quote:
Originally Posted by TIMS06STANG
Tax money? I haven't got back money from the government since I was 20 years old. Maybe this year just got married and my wife always gets money back. Plus being home owners always helps. Plus I heard that this year if you buy a new car you can claim it next year. I hope that my accountant knows what he is doing.
Let us hope that this is true, for I bought 3 new cars in 2005. If this is true, just image, I might actually get a return next year.
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I was guna buy a C&L intake and tune....but oh wait...I owe the goverment

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Quote:
Originally Posted by mrvandermey
Let us hope that this is true, for I bought 3 new cars in 2005. If this is true, just image, I might actually get a return next year.
If you live in a state that requires you to pay state income tax, here is how it works... You can write off sales tax paid in 2005 IF it is more than the state tax you paid. The government actually has done this for 2 years now due to complaints from people that live in states that do not get this deduction on federal taxes... Ahhh, I feel bad that they don't have that deduction... NOT, for crying out loud they're NOT paying state income tax, GOOD GRIEF!!!

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waxed,

I paid tax on my car when I purchased (sales tax) and then every year there after as though it is personal property. Are you saying in the year that I purchase it I can deduct my state sales tax from my Federal return?

Frisch,

I hope you were picking up on my sarcasm, as I was laying it on pretty thick.... You need yourself a new map.

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I'm saying that for example:

I purchased 2 cars last year which I paid sales tax on. I, like most people, do not save every single receipt all year long, so depending upon where you live the IRS has a little chart to figure what that # is, then add that to what you paid in sales tax for the vehicle. If that number is higher than what you paid out in state income tax then you get to deduct the higher of the two when you fill out your 1040. You must live in a state where you pay state income tax to qualify...
Disclaimer: you must seek advice from a certified accountant. I am not and do not state that I am a CPA, I am just explaining my situation to you.
Or search www.irs.gov or look at a 1040A Booklet.

'97 Cobra Vert - sold
'06 GT Sold 6/2010
Current: '06 F-250 Diesel, '10 CR-V, '11 Civic (Lease)

Ordered 12/12/12 Built 1/25/13 dealer received 1/30/13
2014 GHIG V6 Stick w/Perf. Pkg

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Found it...

Described under "line 7"
Attached Files
File Type: pdf i1040sa[1].pdf (135.1 KB, 104 views)

'97 Cobra Vert - sold
'06 GT Sold 6/2010
Current: '06 F-250 Diesel, '10 CR-V, '11 Civic (Lease)

Ordered 12/12/12 Built 1/25/13 dealer received 1/30/13
2014 GHIG V6 Stick w/Perf. Pkg

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Quote:
Originally Posted by mustangaretuff
waxed,

I paid tax on my car when I purchased (sales tax) and then every year there after as though it is personal property. Are you saying in the year that I purchase it I can deduct my state sales tax from my Federal return?

Frisch,

I hope you were picking up on my sarcasm, as I was laying it on pretty thick.... You need yourself a new map.
Well yeah I picked up on it :laughlitt and I was sarcastically responding :laughlitt
Why do I need a new map?
Some states like mine allow you to deduct the yearly registration fee on the State return.




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After paying off a pair of CC's I had just enough left over for a pair of Midwest Mirror Inserts.

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