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Thread: Personnal property tax?

  1. #1
    n00b slimcan is on a distinguished road
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    Default Personnal property tax?

    When you itemize ------------what would you suggest for Personnal property tax?
    It sounds as if a car tune-up can be used for this line.


    Can you give an example of a good entry .................

  2. #2
    n00b jimb12345 is on a distinguished road
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    it would be the tax you paid on the car.

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    n00b sl19 is on a distinguished road
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    It the tabs you must pay each year. Tax on a tune up would fall under sales tax deduction that is allowed now, if you choose to use actual vs calculated amount.

  4. #4
    n00b Carson Casey is on a distinguished road
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    Tax is computed by multiplying the tax rate by the assessed value of the property, which may be more or less than the purchase price. For example, if the house was assessed at $200,000, and you were able to buy it for only $110,000 because you bought it at a foreclosure sale/auction, then a 6.5% tax would be $13,000. On the other hand, if the house was assessed at $100,000 in 1990 and has not yet been re-assessed since then, the 6.5% tax would be only $6500.

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