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How do I itemize personal property taxes?

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Question
How do I itemize personal property taxes?

Answer

Personal property tax is deductible if it is a state or local tax that is:

  1. Charged on personal property.
  2. Based only on the value of the personal property.
  3. Charged on a yearly basis, even if it is collected more than once a year, or less than once a year.

A tax that meets the above requirements can be considered charged on personal property even if it is for the exercise of a privilege. For example, a yearly tax based on value qualifies as a personal property tax even if it is called a registration fee and is for the privilege of registering motor vehicles or using them on the highways.

On the deductions and credits tab, select "itemized deductions", click on start at "taxes you paid".


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Views: 1399 Created on: Jun 15, 2013
Date updated: Dec 12, 2018

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