How To Deduct Your Big Purchases On Your 2010 Taxes

Tax Tip: Sales Tax Deduction is Back on Schedule A

Did you buy something big in 2010? In 2010, your CPA probably told you the sales tax deduction went away on December 31, 2009. But, the tax act passed at the end of 2010 brought it back. If you bought a car, boat, RV, airplane, sound system for the man-cave, or took extra advantage of the holiday sales, save up the receipts and ask your accountant about getting an extra deduction.

Or, use the IRS’ Sales Tax Deduction Calculator at: http://www.irs.gov/individuals/article/0,,id=152421,00.html.

About the author

Holly P. Thomas, MBA, CFP®

One Comment

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  • I sold my house in 2010. Are the real estate agent(s) fes deductable/ In my case,I sold my hose for 400K and paid 24K in fees (6%). Thanks.

    Jim

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