Tax FAQ
 

Does A Person Have To Pay Property Tax On Vehicles They Dont Drive?

Question by odogg2110 | Posted in Buying & Selling

My girlfriend's framer owns several vehicles that he has not paid property taxes on for years. These vehicles are undrivable and in desperate be in want of of going to a junk yard. In order to sell them to the junk yard, does he privation to update their registration? Will he have to pay back property taxes on them? Does anyone have any advice on how to get the most money for these discard vehicles? I would estimate that he has 4 full sized vans, a limo and a bonneville.

 
 

Tax Question: Can I Deduct The Excise Tax On My Vehicles On The Schedule A Itemized Deduction Form?

Question by POLARIS | Posted in United States

Both of these vehicles are not new. (A diminution for new vehicles goes on line 7.)
My vehicles years are 1995 and 2003.
Can I deduct the excise tax for them on line 8?
I existent in Indiana, although I don't think that has any bearing.

Thanks to all who answer.

Answer: Not unless the tax is based on value. If it's not based on value, you can't off it.

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If I Were To Buy Vehicles For Family Members Would I Have To Pay Federal Tax On Them?

Question by John J | Posted in United States

IF I were to win the tombola I would like to buy vehicles for family members. Would I have to pay tax for the vehicles?

Answer: Several of the answers above are damage. Some vehicles are subject to a federal excise tax. See item 3 below.

1. You would have to pay federal income tax on all of the lottery winnings, including the section used to buy the vehicles.
2. When you bought the vehicles, you would have to pay state (but not federal) sales tax.
3. Congress did pass a federal excise tax on commuter cars with very poor fuel economy. It is sometimes called the "gas guzzler tax".

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How Do You Calculate The Sales Tax Deduction On Leased Vehicles?

Question by aviators99 | Posted in United States

The IRS publications reasonable say you can deduct "sales tax paid on leased vehicles," but doesn't say how to count that. Does that mean to take the sum of the sales tax on all of the payments for the tax year, or figure out the sales tax on the amount that against used for calculating the lease? If the former, does that mean you can do it every year, or only the year in which you leased the instrument?

Answer: When you rental agreement a vehicle, the sales tax is applied to each payment (you pay sales tax with each monthly lease payment). If the monthly averral from the lessor does not break down the payment between the lease payment and the sales tax, you can take the rental agreement payment and divide it by 1 + your sales tax rate to determine the lease payment BEFORE sales tax. The disagreement between your regular lease payment and the calculated lease payment before sales tax will be the amount

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A Person Buys And Sells A Number Of Vehicles In A Tax Year And Makes A Significant Amount Of Profit In The?

Question by sherry | Posted in United States

Q1 A themselves buys and sells a number of vehicles in a tax year and makes a significant amount of profit in the deal with. Will such profit be taxable as capital gain?
Q2 A person somehow gets assemble of an extraordinary rare bird, keeps it as a pet for two years and then sells it off. Will related profit be taxable as savings gain?
plz ans it it will expire tomoro

Answer: bhai app ko nahi pata kitab chief saaf saaf likha hai app khud per lo page no 77 under the head of initial gain taxation management ki book main

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How to Claim Your Car Donation Tax Deduction for 2011, 2012

Car Giving Tax Deduction 2011, 2012 - www.donateacar2charity.com - Confused about how to claim your car donation tax deductions for 2011? When ...

Luxury tax on imported vehicles lifted in Punjab

by K. Shahzad

Interestingly the year before the tax was made apropos 1250 vehicles were registered in grandeur cars sort but after the tax was applied only 13 vehicles were registered as delight cars next year. For 2000 cc to 3000 cc vehicles this was two hundred thousand rupees and for more than 3000 cc vehicles this was three hundred thousand rupees. Did people stopped imported these vehicles during this time, no it couldn’t be, there must be another clandestine geste to this unclear hasty disappointing collapse in the calculate of vehicles registered during this age. This tax was not there for eat one's heart out for the imported vehicles, this was made proper virtuous a year or so back and now speedily waived. This was the kicker amount which had to be paid at the habits of instrument registration after the amounts burned-out on other taxes and fashion duties etc....

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