Federal Tax Question - CA
Hi! I'm doing my federal taxes and need help. :h We have a travel trailer and I am wondering if I can deduct the full amount of the $75 registration fee paid in 2013 as a "personal property tax" deduc...
Forum Discussion
As a long time RVer in California, and having taken the H&R Block Tax Preparers course a few years ago (better than staying at a Holiday Inn Express!) and completing the course with a 96% (meaning that 4% of my answers would be wrong as compared to a study that was done that showed the IRS hot line folks got approximately 38% of the answers were wrong as compared to the publications - Source: http://www.gao.gov/products/GGD-90-36), applied and received a tax preparer ID, and I'm a beta-tester for TurboTax®, I think I am in a position to discuss tax ramifications and using TurboTax®. I'll even cite the federal and state tax publications to back up my response. I am, however *not* a certified public accountant, so take my credentials accordingly.
Here's my response.
You may deduct the California Vehicle License Fee portion of your registration as you would on your tow or other vehicle. You cannot deduct any other taxes or fees on your Schedule A (Source: https://www.ftb.ca.gov/individuals/faq/ivr/222.shtml). If you do not have the breakdown from your billing notice, you can get the information from the CA DMV's web site: https://www.dmv.ca.gov/FeeCalculatorWeb/vlfForm.do)
You may deduct any interest on loans for your RV the way you would deduct mortgage interest on your home. You enter this on Schedule A as part of your mortgage interest deduction (Source: http://www.irs.gov/publications/p936/ar02.html, Qualified Home). You may not have received a Form 1098 from the lender, but you *can* (and should) request one by contacting them; otherwise, you can enter your interest in the TurboTax® worksheet (source: https://ttlc.intuit.com/questions/1900976-form-1098-mortgage-interest-statement) and it will transfer to the Schedule A.
That's it. Hope this helps.
Here's my response.
You may deduct the California Vehicle License Fee portion of your registration as you would on your tow or other vehicle. You cannot deduct any other taxes or fees on your Schedule A (Source: https://www.ftb.ca.gov/individuals/faq/ivr/222.shtml). If you do not have the breakdown from your billing notice, you can get the information from the CA DMV's web site: https://www.dmv.ca.gov/FeeCalculatorWeb/vlfForm.do)
You may deduct any interest on loans for your RV the way you would deduct mortgage interest on your home. You enter this on Schedule A as part of your mortgage interest deduction (Source: http://www.irs.gov/publications/p936/ar02.html, Qualified Home). You may not have received a Form 1098 from the lender, but you *can* (and should) request one by contacting them; otherwise, you can enter your interest in the TurboTax® worksheet (source: https://ttlc.intuit.com/questions/1900976-form-1098-mortgage-interest-statement) and it will transfer to the Schedule A.
That's it. Hope this helps.
