Asked by Anusree Nambiar on Jun 04, 2024
Verified
Which of the following costs are deductible on Form 1040,Schedule A,as taxes? 1.Real estate taxes on property owned in Mexico.
2) Property tax portion of vehicle registration,based on the value of the auto.
3) Fine for speeding.
4) Personal property tax on a pleasure boat.
A) 1,2,and 4.
B) 3 and 4.
C) None of the items are deductible.
D) All of the items are deductible.
Deductible
A cost that may be deducted from total income to decrease taxable income, resulting in a reduction of the tax owed.
Real Estate Taxes
Taxes assessed by local governments on property, based on the property's assessed value.
Vehicle Registration
The process of officially recording a vehicle with a governmental authority, which may include the payment of a tax or fee that is sometimes deductible.
- Understand the regulations for deducting state and local taxes, encompassing property and income taxes, as detailed deductions on Schedule A.
Verified Answer
Learning Objectives
- Understand the regulations for deducting state and local taxes, encompassing property and income taxes, as detailed deductions on Schedule A.
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