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Personal Property Taxes

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Question
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. Typically you receive a yearly bill for this type of tax on your cars, boats, trailers, etc.

Example: You paid a yearly fee for the registration of your car. Part of the fee was based on the car's value and part was based on the weight of the vehicle. You can deduct only the portion that was based on the car's value.


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Views: 438 Created on: Jun 15, 2013
Date updated: Nov 10, 2014

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