- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Following up on the same question, since this hasn't been fixed to reflect property taxes (as opposed to registrations) on vehicles being deductible in Virginia, as of 03/04/2018. At this point, even if you enter the local personal property tax paid for a vehicle under the other personal property taxes section (per the recommended manual approach to correct for this issue above), it still doesn't cause any change in the Federal tax due/refund owed, even though it is clearly a deductible item. Interestingly, making a personal property tax entry on the form under the other personal property taxes section does cause a change in the overall Virginia state tax due/refund owed (this was noted when removing and re-adding it to make sure it was entered correctly), so clearly the value is being saved/recognized on entry, it just isn't causing the correct, or any, deduction to be taken in calculating the Federal tax. For reference, this is happening on a return being prepared in an installed version of Premier and with plenty of other itemized deductions already entered (all of which seemed to work correctly), so the standard deduction is not being used. How can we get local personal property taxes paid on vehicles in Virginia, which are based on vehicle value, to be accepted correctly as a deduction for our Federal return?
‎June 5, 2019
10:30 PM