how do i figure tax deduction for vehicle registration in colorado
Claiming the Deduction. Taxpayers looking to claim the ownership tax deduction would itemize the deduction on a Schedule A on IRS Form 1040. The Colorado ownership tax charged is found on the vehicle registration receipt under the section labeled OWN. TAX. Colorado taxpayers who are taking the standard deduction, and wish to deduct new vehicle sales taxes can do so on a Schedule L form. The Schedule L can be used with both the 1040 and 1040A tax forms.