when you do your taxes and you want to do homestead...it askes about property tax...if i dont own a home can i use my car's property tax? i didnt read anything about using or not using property tax from the car..can i use it or not?
2007-01-27 04:40:06 · 2 answers · asked by Heather S 3 in Business & Finance ➔ Taxes ➔ United States
Homestead applies to real estate. If you don't own your home, you are not paying property taxes and therefore don't have a deduction there.
If the personal property tax on your car is based on its value it is deductible, though not as real property tax. If the tax is based on anything but its value, it is not deductible. Some states base the tax on weight or horsepower. In that case, it's not deductible.
If the only deduction you have is the personal property tax on your car you won't have enough itemized deductions to make it worthwhile; just take the standard deduction.
2007-01-27 04:51:03 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 1⤋
No. Homestead means real estate tax not personal property tax.
2007-01-27 12:52:21 · answer #2 · answered by spicertax 5 · 0⤊ 0⤋