You'll need to sign in or create an account to connect with an expert.
Yes. You can also claim the sales tax. Sales tax
Personal property taxes are reported under a separate category under
You can deduct state and local taxes that you pay for your personal property. Personal property is all property except real property (such as your home, vacation home, and rental property). The taxes must be assessed annually and must be based on the value of personal property you own.
In the personal property tax section, turbo tax states -charged on a yearly basis. For my situation it is the purchase of a boat, so one time, not "yearly basis" would this still be covered under personal property tax? thank you clarifying.
understand that this year due to large purchase it will be better to utilize the sales tax deduction vs normally taken state and local tax deduction
No, the purchase of a boat would not be entered under personal property taxes since this is not a yearly expense.
The sales tax that you paid on the boat can be entered on Schedule A. TurboTax will decide which of the two is more beneficial: the sales tax deduction or the state and local tax deduction.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
megsrocky84
New Member
johncozens-hotma
New Member
ramin64
New Member
GrilledTaxes2024
Returning Member
Mdlle8899
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.