The SALT deduction is a federal itemized deduction for certain state and local taxes you paid during the tax year. You can only deduct state and local income taxes (or sales taxes), real property ...

Question: My wife and I recently purchased two new cars and had to pay over $15,000 in sales tax. Will we be able to deduct the sales tax on our individual income tax return as a federal itemized ...

You can deduct vehicle sales tax if you choose to itemize deductions. However, if you opt for the standard deduction, you won’t be able to deduct vehicle sales tax. This deduction is also subject to ...

The state and local sales tax deduction is especially important to taxpayers who itemize deductions and who live in the seven states that do not have an income tax, including Florida, Wyoming and ...

See how the SALT deduction can cut your tax bill. Learn which state and local taxes you can deduct, how the SALT cap applies, and why it matters.