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Started By
Message
Tax help: Car registration fees?
Posted on 1/25/16 at 1:39 pm
Posted on 1/25/16 at 1:39 pm
I'm doing my taxes on turbotax and I bought a vehicle this year. According to turbotax "In Louisiana, you can deduct the vehicle value plate fee, which is based on the value of your car."
How do I find out what my vehicle value plate fee is?
How do I find out what my vehicle value plate fee is?
2
Posted on 1/25/16 at 1:55 pm to Delacroix
I'm assuming you mean 2015 for "this year"? If so:
Look on your registration. It'll have the cost of the plate listed.
Also, you can deduct your sales taxes paid on the vehicle.
Look on your registration. It'll have the cost of the plate listed.
Also, you can deduct your sales taxes paid on the vehicle.
Posted on 1/25/16 at 2:07 pm to Golfer
So am I going off of the "Total Fees" at the bottom of my registration? Or just the cost of the plate? Sorry if these are dumb questions 
Posted on 1/25/16 at 2:37 pm to Golfer
quote:
Also, you can deduct your sales taxes paid on the vehicle
This is only true if you are taking the state and local sales tax deduction in lieu of the state and local income tax deduction.
Posted on 1/25/16 at 2:45 pm to Delacroix
In Louisiana, the entire cost of vehicle registration (for a personal vehicle) is based off of either A) the sale price at which it was registered or B) The value at which it was registered if it was brought into Louisiana.
That's not exactly the same as what the IRS allows, which is a deduction for a tax based off of the value of the vehicle.
As a rule, for individuals, I don't even bother with the deduction. For most people it's no more than $60 per car, every couple of years, so the tax savings on that is very, very minor. To me, it's not worth trying to defend that upon audit.
Of course, others might tell you that it's so small that the IRS would never challenge it.
That's not exactly the same as what the IRS allows, which is a deduction for a tax based off of the value of the vehicle.
As a rule, for individuals, I don't even bother with the deduction. For most people it's no more than $60 per car, every couple of years, so the tax savings on that is very, very minor. To me, it's not worth trying to defend that upon audit.
Of course, others might tell you that it's so small that the IRS would never challenge it.
Posted on 1/25/16 at 2:51 pm to LSUFanHouston
quote:
As a rule, for individuals, I don't even bother with the deduction. For most people it's no more than $60 per car, every couple of years, so the tax savings on that is very, very minor. To me, it's not worth trying to defend that upon audit.
I must be putting in the wrong numbers because when I entered the "total fees" on my registration into turbotax it raised my refund 500$.
Posted on 1/25/16 at 3:21 pm to LSUFanHouston
quote:
This is only true if you are taking the state and local sales tax deduction in lieu of the state and local income tax deduction.
Correct. My bad for not clarifying.
Posted on 1/25/16 at 3:34 pm to Delacroix
quote:
I must be putting in the wrong numbers because when I entered the "total fees" on my registration into turbotax it raised my refund 500$.
yeah, how much are you entering in? Most of the cost of licensing when you are buying a new car is the sales tax.
Posted on 1/25/16 at 3:36 pm to LSUFanHouston
quote:
yeah, how much are you entering in? Most of the cost of licensing when you are buying a new car is the sales tax.
The "total fees" at the bottom of my vehicle registration is 2310.00$ I'm assuming that's not the number I should be entering.
EDIT: Here's my taxes and fees on my registration
This post was edited on 1/25/16 at 3:49 pm
Posted on 1/25/16 at 5:40 pm to Delacroix
The deductible portion is the ad valorem taxed on your vehicle. I'm not from Louisiana so I don't know, but it appears you do not pay an ad valorem tax on your vehicle. Therefore, you shouldn't be taking any deduction for your car registration fees.
Posted on 1/25/16 at 7:53 pm to Delacroix
It is your registration fee or license fee on your paperwork.
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