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personal property tax on leased vehicle?

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    personal property tax on leased vehicle?

    Is personal property tax on a long-term leased vehicle deductible? It is broken out for the client.
    "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

    #2
    Originally posted by Possi View Post
    Is personal property tax on a long-term leased vehicle deductible? It is broken out for the client.
    Here's an analogy in form of a qustion. If you live in a house owned by your mother and you pay the annual property tax, can you deduct it? (grin
    ChEAr$,
    Harlan Lunsford, EA n LA

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      #3
      I should not second guess

      I shouldn't second guess myself. My client came in with the lease information and the personal property tax clearly documented as if they took that deduction all the time. I never saw it documented like that before and suddenly doubted myself. I'm a schmuck... a tired schmuck. thanks for putting up with me...
      "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

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        #4
        Personal property taxes on a leased vehicle are deductible if the TP is required to pay them. That is probably why they are broken out separately. In VA, they qualify for tax relief if that is the case.

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          #5
          Ah HA

          Thanks for the clarification~ I feel better....
          "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

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            #6
            Originally posted by Possi View Post
            Is personal property tax on a long-term leased vehicle deductible? It is broken out for the client.
            that is a state issue and some states do allow a portion of the registration as deductible. I know CA does and HI doesn't.
            Believe nothing you have not personally researched and verified.

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