State Personal Property Taxes
State Personal Property Taxes
Do you own a car? A boat? State personal property taxes on cars, boats and other personal property are deductible on Schedule A. The IRS warns that the taxes must be based on value alone and imposed on a yearly basis. For example, most car owners pay a yearly fee for car registration. If part of the fee was based on the car’s value and part was based on its weight, you can deduct the value-based portion of the registration fee.
If you want to know if you qualify for these deductions, give us a call at (714)-533-2600 to schedule a FREE consultation to make sure you are maximizing your deductions.