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Got Form ST556 - What Now?

 
 
gmark@svs.com
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      04-09-2006, 04:23 PM
We totaled a car, bought another, got a form ST556 from the
dealer to get some sort of tax benefit. But they don't know
what to do with it.

Is the tax on the original car deductible or something? Do
we deduct it directly from our taxes as a credit?

What do we do with this thing?

Thx!

Mark

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Missy
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      04-10-2006, 06:14 AM
(E-Mail Removed) wrote:

> We totaled a car, bought another, got a form ST556 from the
> dealer to get some sort of tax benefit. But they don't know
> what to do with it.
>
> Is the tax on the original car deductible or something? Do
> we deduct it directly from our taxes as a credit?
>
> What do we do with this thing?


It will go on Schedule A.

Missy Doyle

<< ================================================== ===== >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
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<< Copyright (2006) - All rights reserved. >>
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Harlan Lunsford
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      06-02-2006, 04:20 AM
Missy wrote:
> (E-Mail Removed) wrote:


>> We totaled a car, bought another, got a form ST556 from the
>> dealer to get some sort of tax benefit. But they don't know
>> what to do with it.
>>
>> Is the tax on the original car deductible or something? Do
>> we deduct it directly from our taxes as a credit?
>>
>> What do we do with this thing?


> It will go on Schedule A.


Well I have never heard of an ST556 form. Doesn't sound
like an IRS form. Missy, could you tell us more?

ChEAr$,
Harlan Lunsford, EA n LA

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<< and does NOT constitute legal OR professional advice. >>
<< >>
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<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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