Personal Property Taxes – Killer IRS Solutions
Personal Property Taxes (imposed on possessions other than real estate and buildings) may be tax deductible, under certain circumstances.
Personal Property Tax Deduction
In order to claim a tax deduction, the taxes you paid on personal property ( boat, car) must be charged on a yearly basis. It does not count if these payments are made more or less than once a year.You can deduct personal property taxes calculated only on the value of the property. However, you can claim a property tax deduction for a yearly tax based on value, even if it is for the exercise of privilege. For example the fees for the privilege of registering a motor vehicle may be tax deductible.