Question

What is my deductible portion on my 2010 Lexus in Arkansas?

Forum|Forum|4 years ago
February 15, 2022
2 replies
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My Lexus was valued under property assessment as $2,495 so what is my deductible portion for my taxes?

TurboTax Deluxe Online

we can't see the bill. so it would likely be the $2495 times whatever the tax rate is. this would go on schedule A as a personal property tax. to be of any benefit your itemized deductions must exceed your standard dedtion. once you finish entering your data Turbotax will advise as to which is better,

M

MayaD

Although auto registration fees aren’t deductible in Arkansas, you're allowed to claim the personal property tax you paid annually based on the value of your car. Follow this link to learn more about the Personal Property Tax Deduction.

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