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My property tax for 2018 was $3086.08. This included a $1481.38 charge for a clean energy produdt. How much is deductible?
June 4, 2019
1:01 PM
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Deductions & credits
Yes, as long as the property tax they assessed is placed on the value of the energy product, it is deductible as a property tax (subject to the overall $10,000 limitation).
If you end up paying personal property taxes to your local government, the IRS allows you to claim a deduction for it on your federal tax return. However, the IRS requires you to satisfy certain requirements, regardless of how your government classifies the tax.
To claim the deduction, the tax must only apply to personal property
you own, be based on its value and be charged on an annual basis,
irrespective of when the government collects it from you.
For more detail see: https://turbotax.intuit.com/tax-tips/home-ownership/what-are-personal-property-taxes/L2KFeovaB
June 4, 2019
1:01 PM