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Author: ap724 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121144  
Subject: Deducting prior year's personal property tax Date: 3/20/2012 2:00 PM
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I had car registration fees due in Dec 2010 that I paid in early Jan 2011 with penalties. Can I deduct the fees without the penalty on my 2011 return? I didn't deduct this on my 2010 return since I didn't pay it in 2010.

Thanks for any help!
- ap724
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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115576 of 121144
Subject: Re: Deducting prior year's personal property tax Date: 3/20/2012 2:02 PM
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I had car registration fees due in Dec 2010 that I paid in early Jan 2011 with penalties. Can I deduct the fees without the penalty on my 2011 return? I didn't deduct this on my 2010 return since I didn't pay it in 2010.

Assuming that the car registration fees (or some part of them) are considered personal property taxes in your state, they are deductible in the year paid. In most states, car registration fees are not deductible.

Ira

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Author: ap724 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115579 of 121144
Subject: Re: Deducting prior year's personal property tax Date: 3/20/2012 2:27 PM
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Thank you for that! I live in CA. Franchise Tax Board clarifies - the motor vehicle license fee is deductible, not the registration and other fees.

- ap724

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Author: skidragon One star, 50 posts Old School Fool Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115615 of 121144
Subject: Re: Deducting prior year's personal property tax Date: 3/23/2012 3:23 PM
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Most deductions are taken in the year they were paid, not when the bill was sent.

Generally fees are are deductible if they are based on the value of the vehicle not the weight or some other criteria.

Jeff

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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115616 of 121144
Subject: Re: Deducting prior year's personal property tax Date: 3/23/2012 7:07 PM
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Generally fees are are deductible if they are based on the value of the vehicle not the weight or some other criteria.

Jeff


The registration bill sent by CA DMV separately lists the VLF portion and states it is a possible tax deduction.

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