Which of the following are deductible? State and local property taxes State and

Question

Which of the following are deductible?

State and local property taxes

State and local property taxes and flat vehicle license fee assessed to all vehicles, regardless or fair market value

Payment to a privately owned fire district, not included in property taxes

None of the answers.

State and local property taxes

State and local property taxes and flat vehicle license fee assessed to all vehicles, regardless or fair market value

Payment to a privately owned fire district, not included in property taxes

None of the answers.

Explanation / Answer

Answer:- State and local property taxes.

Because, State and local property taxes are those which are deductible in Schedule A which includes federal income tax, social security tax, transfer taxes or stamp taxes on sale of a property, homeowners association fees, estate and inheritance taxes, and service charges for water, severy or trash collection. Refer to form 1040 for more details on tax deductions.

You may be subject to a limit on some of the itemized deductions on non-business taxes. In addition to thesee limits there may be a phaseout(reduction of) of your total itemized deductions based on your adjusted gross income.

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.