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Arya8 August 16th, 2016 6:59pm

Does your state have "personal property taxes" that you must pay every year simply for owning things like vehicles and boats? Not registration/tagging fees, but taxes based on the assessed value.

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cpaswr just say the letters
08/16/16 2:51 pm

FYI--If you live in a state with Personal Property Tax, you can include them in your itemized deductions on you Federal return as long as the Personal Property Tax is based upon the value of the property.

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Arya8
08/16/16 3:25 pm

Ah yes. I did accounting and tax prep for almost a decade so I knew this but lots don't. Thanks for the info! :)

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Arya8
08/16/16 3:26 pm

It's crazy!

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cpaswr just say the letters
08/16/16 2:51 pm

FYI--If you live in a state with Personal Property Tax, you can include them in your itemized deductions on you Federal return as long as the Personal Property Tax is based upon the value of the property.

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geoag02 Dallas, TX
08/17/16 12:01 am

I have never heard of such a thing. Some states do this??? Which ones?

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swjboucher Just Run
08/16/16 2:47 pm

Not a state tax but each county varies.

10o5t126 ...
08/16/16 1:44 pm

I don't (Florida). But my son lives in Virginia and he has to pay "property tax" on his car annually.
Ridiculous.