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Financial Planning / Tax Strategies
|Subject: Re: new car deductions||Date: 2/28/2008 1:01 PM|
|Author: ptheland||Number: 99134 of 122534|
I know that some registration fees are tax deductible
That's not quite right. Only property taxes are deductible, not the registration fee.
In some states, the annual license plate renewal includes both components: registration fees and property taxes. Only the property tax portion is deductible.
but how to find out it for a new car.
You'll have to get information from your state's motor vehicle department to figure this out. If your license includes a property tax component, they should be able to tell you what it is or how to compute it.
All I have is a copy of agreement and I see things like "title tax", "dealer's business license tax", "license fee", "title fee". Do you know is anything deductible.
The "title tax" might be. I doubt if the "dealer's business license tax" or the "license fee" or the "title fee" are property taxes.
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