Believe it or not, you actually can ring up tax savings as the result of buying things. If you itemize, you can write off the sales tax on a car, boat or plane you bought. Then there are property taxes, which are deductible. And the list goes on. Familiarize yourself with what is and what is not deductible when it comes to the things you own.

And be sure to check out our other taxopedias.

What's Deductible? -- A to Z

A B C D E H J L M P S V

Aircraft. If you bought a plane in 2007 you are allowed to add the sales tax you paid on it to the amount in the IRS sales tax table. If the state sales rate on the purchase is higher than the general sales tax rate, you can only deduct the amount of tax due at the general sales tax rate.

Appraisal fees for casualty and theft losses. Deduct appraisal fees paid to determine the amount of a casualty loss as a miscellaneous itemized deduction.

Boats. If you bought a boat in 2007, you are allowed to add the sales tax you paid on it to the amount in the IRS sales tax table. If the state sales rate on the purchase is higher than the general sales tax rate, you can only deduct the amount of tax due at the general sales tax rate.

Casualties and theft losses. You may be able to deduct uninsured losses due to theft or casualty -- a sudden, catastrophic event such as a hurricane, earthquake, fire or accident. First, for each loss event you have, you must reduce each loss by $100. The remaining amount is then deductible to the extent it exceeds 10% of your adjusted gross income. If your 2007 loss is in a presidentially declared disaster area, you can elect to deduct it on your 2007 or 2006 return, whichever saves you the most tax.

Company cars. Employers are required to report as taxable income to you the value of personal use of company cars. Among the approved methods of setting the value for 2007 are $1.50 each way if the car is used to commute between home and work, for example, or 48.5 cents per mile.

Computer. It's difficult to qualify to deduct the cost of a computer unless it is used in your business. However, if you use your computer to track investments and do your tax return, you may be able to depreciate part of the cost as a miscellaneous itemized expense. Such costs are deductible to the extent they exceed 2% of your adjusted gross income.

Depreciating vehicles used for business. If you bought a vehicle for your business in 2007, you can deduct up to $2,960 of the cost as depreciation.

Donation of car to charity. Although Congress has cracked down on deducting the value of used cars given to charitable organizations, giving away a car can still cut your taxes. The deduction is usually limited to the amount the vehicle is sold for by the charity.

Driving for charity. You can deduct 14 cents per mile for each mile you drove while performing services for a charity in 2007.

Driving to doctors. You can deduct 20 cents per mile for each mile you drove for medical-related travel in 2007 as part of your medical expenses.

Electric vehicle credit. If you buy a new car that runs solely on electric power, you can claim a $4,000 tax credit.

Expensing heavy SUVs. Although first-year depreciation deductions for business vehicles are generally limited to less than $3,000, if you purchased a sport-utility vehicle with a loaded gross vehicle weight rating of more than 6,000 pounds, all or part of the cost can be expensed (written off in the year of the purchase rather than depreciated over time), which provides a larger write-off than depreciating the vehicle. For SUVs with loaded weights between 6,000 and 14,000 pounds, up to $25,000 of the cost can be expensed. The balance of the cost can be depreciated under the standard depreciation schedule.

Expensing pickups. If you bought a pickup truck in 2007 for your business, you can expense up to $112,000 of its loaded gross vehicle weight rating exceeds 6,000 pounds. To qualify, the vehicle must have a cargo area at least six feet in length that is separate from the passenger compartment.

Home building materials. If you purchased material to build a new home or for a home improvement in 2007, you are allowed to add the sales tax you paid on it to the amount in the IRS sales tax table. If the state sales rate on the purchase is higher than the general sales tax rate, you can only deduct the amount of tax due at the general sales tax rate.

Hybrid vehicle credit. You can claim a tax credit in 2007 for buying a hybrid vehicle that runs on a combination of gasoline and electric power. Depending on the vehicle's fuel economy, the tax credit can be as high as $3,400.

Job-related move. See Moving expense.

Luxury car rule. A crackdown limits annual depreciation deductions for cars and other vehicles used in business. See Depreciating vehicles for first-year limits and Expensing SUVs and pickups for exceptions.

Mobile home. If you bought a mobile home in 2007, you are allowed to add the sales tax you paid on it to the amount in the IRS sales tax table. If the state sales rate on the purchase is higher than the general sales tax rate, you can only deduct the amount of tax due at the general sales tax rate.

Moving expenses. If a move is connected with taking a new job that is at least 50 miles farther from your old home than your old job was, you can deduct travel and lodging expenses for you and your family and the cost of moving your household goods. If you moved to take your first job, the 50-mile test applies to the distance between your old home and your new job. The deduction is allowed even if you do not itemize deductions. If you drive your own car, you can deduct 20 cents a mile for 2007 moves.

Personal property tax. You can deduct state and local taxes that are based on the value of personal property you own, such as an annual county tax on the value of your car.

Safety deposit box fees. You can deduct such fees if you use the box to store taxable income-producing stocks, bonds, or investment-related papers and documents. You cannot deduct the rent if you use the box only for jewelry, other personal items or tax-exempt securities.

Sales taxes. For 2007, you can choose to deduct either city and state income taxes you pay or state and local sales taxes. This is a no-brainer for those who live in a state that does not impose an income tax ... claim the sales tax deduction. You don't need to keep all your receipts, either. The IRS has a handy-dandy table with estimates based on your income, family size and where you live. Then you can add sales taxes paid on cars, boats, aircraft and other big ticket items. Purchase of such items could lead some taxpayers in income-tax states to pay more sales tax than income tax.

Sales tax paid on leased vehicle. If you lease a vehicle in 2007, you are allowed to add any sales tax you paid on the transaction to the amount in the IRS sales tax table. If the state sales tax rate on the purchase is higher than the general sales tax rate, you can only deduct the amount of tax due at the general sales tax rate.

Sales tax paid on vehicle you bought. If you bought a vehicle in 2007, you are allowed to add the sales tax you paid on it to the amount in the IRS sales tax table. If the state sales rate on the purchase is higher than the general sales tax rate, you can only deduct the amount of tax due at the general sales tax rate.

Standard mileage rate for business driving. You can deduct 48.5 cents per mile for each mile you drove on business in 2007, plus parking and tolls. If your employer did not reimburse you the full 48.5 cents a mile for using your vehicle for your job, claim the difference as an employee business expense.

Vacation home. Mortgage interest on a second home is deductible, just as it is for your principal residence. Property taxes can be deducted on any number of homes. If you rent the place for 14 or fewer days during the year, the rental income is tax-free to you. If you rent it for more than 14 days a year, you must report the income but also may claim deductions for rental expenses.

Vehicle registration fees. Any fee you pay to register your vehicle is deductible on Schedule A as a personal property tax if the fee is based on a percentage of the vehicle's value.

See our other taxopedias.

MORE: Kiplinger.com | Kiplinger Tax Center

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