Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
masont8103
New Member

I just paid my personal property taxes in Missouri(truck, ATV, trailer). Can I deduct this?

 
1 Reply
DS30
New Member

I just paid my personal property taxes in Missouri(truck, ATV, trailer). Can I deduct this?

Yes you are allowed to deduct personal property taxes on your federal income tax return as long as these taxes are based on the value of the item being taxed.

Also, you will only get this deduction if you itemized your deductions on Schedule A. If you take the itemized deductions, you will not be able to take the standard deduction. You can't take both so the TurboTax program will choose the one that lowers your overall tax liability

To enter your personal property taxes in TurboTax Online or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions & Credits” ("Personal Income" in TurboTax Home & Business)
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Cars and other things I own”
  5. Choose "show more", then personal property taxes and follow the onscreen instructions

Dynamic AdsDynamic Ads
Privacy Settings
v