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Would I put my Personal Property Tax that I pay yearly to the town for my business vehicle here? It is not attached to my registration, but a separate bill that is sent from the town yearly. Would I put this anywhere else on my return, or just my personal vehicles on the personal portion of Turbotax?
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Yes. If this personal property tax is paid for your vehicle then it should be entered in the business vehicle section of your return. You can determine the business use/personal use portion by dividing business miles by total miles on your business vehicle. Enter the personal portion under Deductions and Credits, then Taxes.
Yes. If this personal property tax is paid for your vehicle then it should be entered in the business vehicle section of your return. You can determine the business use/personal use portion by dividing business miles by total miles on your business vehicle. Enter the personal portion under Deductions and Credits, then Taxes.
I just want to get clarity as this is a little confusing. Business vehicle, property tax does NOT come along with the registration, but comes completely separate from the town in CT every year. Last year I recorded this tax in the "Property tax portion of vehicle registration fees", but this still does not seem right to me. Maybe in this vehicle's "Other Expenses" a few pages earlier; somewhere else; or did I have it correct last year?
Yes, you are correct. Some states have a 'personal property tax' on the value of your vehicle each year which is completely separate from registration fees. You should enter this expense under your vehicle expenses and TurboTax will prorate it along with other vehicle expenses on your business schedule appropriately.
Thank you. So I would put it under Business Expenses>this Business Vehicle>Other Expenses?
Yes, that's the correct action.
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