Today TaxMama hears from Rick in the TaxQuips Forum, with two questions. “1) I got married in 2010 and had over $25,000 in wedding expenses. Is any of this tax deductible? 2) I purchased a used car in 2010 and paid $500 in taxes. Is any of this deductible?”
Congratulations! That must have been one heck of a great party…though, I do understand that $25,000 doesn’t go as far as it used to these days.
Interestingly enough, the answer to your two questions has an odd relationship.
Alas, there is no tax deduction for wedding expenses – which I suspect you already know. However, there might have been a lot of sales taxes included in the wedding costs. Get the invoices and see if you can add up the sales taxes.
Add in the sales tax on the car.
If you’re able to itemize (use Schedule A), you might have enough in sales taxes to exceed your state income taxes paid. That’s the only tax benefit available to you.
And remember, you can find answers to all kinds of questions about big expenses and other tax issues, free. Where? Where else? At www.TaxMama.com.[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the join TaxMama.com link – it’s free!]
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