Saturday, October 31, 2009

How to find out how much tax I paid on a financed car bought in 2003?

I bought a car in 2003 and had it financed. I paid it off this year (2007) I found out that you can deduct taxes paid on motor vehicle , the problem is i don%26#039;t know how much taxes was imposed on the vehicle and which year I should have deducted it. Please, help. Thank you.



How to find out how much tax I paid on a financed car bought in 2003?

You get to deduct taxes paid in the year in which you purchased the automobile. The fact that you financed the car doesn%26#039;t mean you paid the taxes prorated over the assorted years. The tax was paid in 2003.



By now, you may be past the time limit for filing an amended return to claim anything. Generally, amended returns must be filed within three years of the original due date of the return in question. Since your 2003 return was due in 2004 sometime, that time frame would have expired last year.



How to find out how much tax I paid on a financed car bought in 2003?

The sales tax deduction didn%26#039;t exist in 2003 anyway so there was nothing to deduct that year. (And since these were paid in 2003 that%26#039;s the only year you could have deducted them.)



Unless you still owe taxes on 2003, it%26#039;s a closed year.



How to find out how much tax I paid on a financed car bought in 2003?

If you don%26#039;t know, I don%26#039;t know who else would. I guess whoever send you the tax bill would know. The lender shouldn%26#039;t have that, nor is the interest expense deductible.



Only property taxes would be deductible.



How to find out how much tax I paid on a financed car bought in 2003?

It%26#039;s way too late to amend a 2003 tax return and get any refund, the deadline for that was April 17, 2007. And it would be a moot point anyway as sales taxes were not deductible in 2003 so it%26#039;s irrelevant how much you paid.



If you%26#039;re curious though, it would be shown on the sales agreement if you financed the tax, or on the DMV receipt if you paid it in cash to the DMV.

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