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Category: Deductions

What Personal Property Taxes qualify for a deduction?

The IRS allows you to deduct certain taxes you paid during the year.  To be deductible, the tax must be charged to you and must have been paid during the tax year. 

You can claim:

* Additional state and local taxes paid during the tax year

* State and Local Sales Tax OR State and Local Withholdings

* Real Estate Taxes on your home(s)

* Personal Property Taxes (vehicle registration) based on value

 

You cannot claim:

* Federal taxes paid for the current or any prior year

* Real estate taxes on your rental property that are already claimed elsewhere

* Personal Property Taxes based on weight of vehicle

* Fees paid for license plate (usually included in registration fee)