DWP wrote:

- quote -

If a percentage of the "value" of the property, yes. Per
parcel or per acreage taxes are not deductible.

- quote -

"Taxes" are sales taxes. Starting this year, you have the
option of deducting income taxes or sales taxes on your
Federal return. If you didn't keep records of sales taxes
paid, you may add the tax on the car to the forumua.

Part of the vehicle registration costs are annual property
taxes, which are deductible as such. Part is not. If your
state doen't identify which is which, you may need a
professional.

- quote -

Not unless there's business use of the car.

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platodw[at]nospam.hotmail.com (DWP) wrote:

- quote -

Yes, all real estate taxes on your personal residence are
deductible on Schedule A, if you itemize.

- quote -

In states where there is no income tax, when you itemize,
you can deduct an amount spent on state sales taxes (see Pub
600) which is based on your total income. In addition,
large special-purchase payments may be added to the
"allowable" totals for your income level.

- quote -

No.

- quote -

You thought correctly. It is not.

Bill

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"DWP" <platodw[at]nospam.hotmail.com> wrote:

- quote -

Real estate taxes paid to your City are deductible on the
line on Schedule A that says Real Estate Taxes. Deductible
personal property taxes on your car are those that you paid
to get the tag if the tax is based on the value of that new
car. Also, the tag fees possibly paid in 2004 for the
previous car may be deductible. These go on the line on
Schedule A that says Personal Property Taxes. The interest
you are paying on the new car is not deductible.

Wayne Brasch, CPA, M. S. Taxation

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I have a few questions that I have stumbled upon as I'm
putting together my 2004 Federal returns. I am itemizing and
have the following questions:

1) There is a line that allows me to enter the Real Estate
tax on my personal property (my home). I'd like to confirm
that property taxes paid to the city are deductible on my
Federal return?

2) I purchased a new car in June of 2004. There is a line
item for deducting Personal Property tax, which in my case
would be the tax I paid when I purchased my new vehicle. Are
the taxes I paid when I purchased the car deductible? Are
the vehicle registration costs deductible?

3) Is the interest I am paying on my loan for my new car
deductible? I did not think it was.

I am sure these are fairly simple questions for the tax
experts out there, but I'd like to get some confirmation. If
someone could please take a shot I'd appreciate it!

Regards,
Dan

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