3/20 I bought a car last year and my dealer took care of filing for
title and registration. I never got an itemization for VLF fees
for tax purposes but I know what the total amount paid was. Is
there a way I can find out what the VLF portion is?
\_ I had the same problem before. Go to DMV site and there's a
number you can call to ask. I'm too lazy to go through it
again now, though. Basically, just call DMV and ask.
\_ Page 66 of the California 540 booklet:
"Vehicle License Fees for Federal Schedule A
On your federal Schedule A, you may deduct the California motor
vehicle license fee listed on your Vehicle Registration Billing
Notice from the Department of Motor Vehicles. The other fees listed
on your billing notice such as registration fee, weight fee, and
county fees are not deductible."
Note: you need to subtract off any VLF Offset listed. --dbushong
\_ Heh, I took the deduction, but it was kinda silly. My car VLF
was $14 and my motorcycle's was $4. -jrleek
\_ I also bought a new car last year. I think you can deduct the sales
tax as well. But I haven't started doing my tax, so I'm not sure.
\_ You can choose between deducting your state sales tax or your
state income tax from your federal return (that's new this year
IIRC). A new car will likely have more sales tax than your state
income tax.
\_ Really? I thought state income tax is around 7-8%. So
unless you make less than the cost of your car, shouldn't
your state income tax be greater than your car sales tax?
Of course I am assuming CA tax, it does benefit if you
are in a no state income tax state.
\_ Yo man, my ride is hella pimpin.
\_ I paid ~$14000 in interest payments on my mortgage last year, so
~$50-$100 for my VLF seemed pointless.
\_ why? $100 would still mean like a $30+ check. Why throw
$30 away? |