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Are vehicle personal property taxes deductible in Virginia?
I live in Virginia and receive an annual personal property tax bill for my vehicle based on its value (about $900 per year). However, on the TurboTax list, it states that these fees are not deductible in Virginia. Why are these not deductible expenses?
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Are vehicle personal property taxes deductible in Virginia?
You may be confusing vehicle registration fees and property taxes. Vehicle registration fees are not deductible in Virginia on your federal tax return but personal property taxes based on the value of the vehicle should be.
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Are vehicle personal property taxes deductible in Virginia?
You may be confusing vehicle registration fees and property taxes. Vehicle registration fees are not deductible in Virginia on your federal tax return but personal property taxes based on the value of the vehicle should be.
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Are vehicle personal property taxes deductible in Virginia?
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Are vehicle personal property taxes deductible in Virginia?
Regarding deductibility of the vehicle registration fee, according to information on dmv.org/va, the Virginia registration fee is based on the vehicle weight, the type of plate, and the length of time you choose to register the vehicle. For the fee to be deductible on the federal tax return, it must be based on the value of the vehicle.
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Are vehicle personal property taxes deductible in Virginia?
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Are vehicle personal property taxes deductible in Virginia?
I live in Montgomery County, Virginia. I called the County Treasurer. They told me that personal property taxes on vehicles are assessed by value, and that they use NADA tables. My tax bill from the county lists 4 different "Assessed Values" for my 4 vehicles. They match the NADA tables. The amount due is different as well. The assessed value goes down every year. The weight of my vehicles does not. There is even a high mileage allowance that decreases the assessed value. Clearly property taxes (at least in Montgomery County) are based on vehicle value, and should be deductible in federal tax returns. TurboTax is wrong. TaxSlayer seems to allow this deduction.
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Are vehicle personal property taxes deductible in Virginia?
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Are vehicle personal property taxes deductible in Virginia?
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