Personal property tax deduction
|
You can deduct state and local taxes that you pay for your personal property. Personal property is all property except real property (such as your home, vacation home, and rental property). The taxes must be assessed annually and must be based on the value of personal property you own. Examples of personal property that are often taxed include boats, recreational vehicles, airplanes, and mobile homes. Vehicle registration fees are also considered personal property tax. However, TurboTax prompts you for this information separately
You must itemize your deductions on Schedule A in order to deduct personal property taxes you paid. - You must own the property in order to deduct the property taxes you paid. Limitations of this deduction - You cannot deduct penalties or late payment fees that might appear on your tax bill. What paperwork do I need for the personal property tax deduction? - Keep a copy of your personal property tax bill for your tax records. Deductions related to the personal property tax deduction |