If you're leasing a car and they make you pay for property tax. Will you be refunded on tax time?

Other answer:

Jess:
Depend………
did you lease this car to conduct a business, then the everything could be used as deduction.
If this is for personal use, more likely it would not matter unless you itemize and have "big expense" on your schedule A. Even then, you are only getting roughly 15% of the "property tax" you've paid. That is roughly $30 in most cases, and then again, the seasonal tax preparer probably charge you $50-$100 extra just to itemize.
ninasgramma:
There is no refund on personal property tax on a car, owned or leased. You can deduct personal property tax on your tax return on Form 1040 Schedule A. This may reduce tax owed.
Bostonian In MO:
No, you cannot get it refunded.

While you can deduct ad valorem personal property taxes paid on Schedule A if you itemize, your tax savings will be a fraction of the tax that you paid. Most taxpayers are in the 15% or 25% bracket so that's what your likely savings will be.

If you don't itemize then you get no income tax benefit from paying the PPT.

For the uninformed users who think that PPT does not apply to cars, check this link: https://wallethub.com/edu/states-with-th…

babyboomer1001:
There is no property tax on cars. They are not going to make you pay and cannot charge you for something that is non-existent on cars.
Casey Y:
Property tax does not apply to cars, not sure who told you this.
Max Hoopla:
No but if you itemize you can deduct it.
tro:
not a chance
Pascal the Gambler:
No
Judy:
no
Share

Leave a Reply

Your email address will not be published. Required fields are marked *