You'll need to sign in or create an account to connect with an expert.
The potential itemized deduction for personal property taxes paid on your federal return from your IA vehicle registration fees is the actual annual registration fee ($109) which is based on value of the vehicle and assessed annually.
None of the one-time new registration fee, the title fee or smog/inspection fee meet the deduction criteria.
Page 7 of the instructions for line 5c on the schedule A for itemized deductions (here) state: "... the state and local personal property taxes you paid, but only if the taxes were based on value alone and were imposed on a yearly basis."
The potential itemized deduction for personal property taxes paid on your federal return from your IA vehicle registration fees is the actual annual registration fee ($109) which is based on value of the vehicle and assessed annually.
None of the one-time new registration fee, the title fee or smog/inspection fee meet the deduction criteria.
Page 7 of the instructions for line 5c on the schedule A for itemized deductions (here) state: "... the state and local personal property taxes you paid, but only if the taxes were based on value alone and were imposed on a yearly basis."
Thanks so much; I appreciate you!
Brian
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
rgibson
New Member
maryannesk
Level 2
Tincanman
New Member
steve13
Level 3
nesbit217
New Member