deduction for restocking fee on new car return
Can i have a deduction for a 4K loss from a restocking fee of a new car that I returned the next day.
I recall now that I actually did not use my retirement withdrawal for it and just financed it with a loan and made no car payments since returning it the next day.
If so what form do i file?
Permalink Submitted by Alan - IRA critic on Wed, 2017-04-12 02:45
There is no itemized deduction available if this was a personal car.
Permalink Submitted by zakari young on Fri, 2022-04-01 10:46
For me, a car is not a cheap treat. Even inexpensive modifications to a car, such as replacing a brightest h4 bulb, are costly, and the cost of most new cars is quite comparable to home prices. In this regard, the question of whether a tax deduction is available when buying a car is very troubling.