Sales tax deduction for major purchase

Mar 24, 2008 4 Replies

I have a couple of major confusions about deducting sales taxes on major purchases on 2007 US Income tax (in addition to the general sales tax deduction.) I'm not sure if I really have a TurboTax question or a question about the tax code. The issue begins with me having had two remodels: one on my primary residence and one on a second home.



(1) The IRS web site (document FS-2006-9, January 2006) says you deduct sales tax on "major renovation of a home," but TurboTax says you can deduct sales tax on "building materials." These are pretty different. Which is right?



(2) I live in Washington State, which the general sales tax differs from county to county. I understand you cannot deduct a major purchase if the sales tax is not at the general rate. But I paid different general rates in different counties and TurboTax won't let me deduct items at different rates.



Any advice would be much appreciated.


TurboTax won't let me deduct items at different rates.

I use TaxCut but have to believe TC and TT would be pretty similar in this regard... Taxcut, it appears, will let me modify the Schedule A and it's worksheet directly if I so desired. I would think that so too would TT, in which case, you can resolve the rate differences manually by totals and keeping your [good] records handy. Just a thought on the entry process. Geo.

A good suggestion. I'll do that, thanks. (Now i just have to figure out about the rules part.)

-Dick

By chance I accidentally ended up in that part of TurboTax last night.

The interview may not cover this case, but if you go to the forms view, IIRC there is a table for multiple entries of state + local sales tax rates that you can use to enter this information. But you need to do it from the forms page.

I will do that . Thanks.

-Dick

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required