Got Form ST556 - What Now?

Discussion in 'Tax' started by gmark@svs.com, Apr 9, 2006.

  1. Guest

    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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    << and does NOT constitute legal OR professional advice. >>
    << >>
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    , Apr 9, 2006
    #1
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  2. Missy Guest

    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. >>
    << >>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org. >>
    << Copyright (2006) - All rights reserved. >>
    << ======================================================= >>
     
    Missy, Apr 10, 2006
    #2
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  3. Missy wrote:
    > 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

    << ======================================================= >>
    << The foregoing is intended for educational purposes only >>
    << and does NOT constitute legal OR professional advice. >>
    << >>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org. >>
    << Copyright (2006) - All rights reserved. >>
    << ======================================================= >>
     
    Harlan Lunsford, Jun 2, 2006
    #3
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