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February 18, 2014 at 5:52 pm #610489
B-squaredParticipantWas hoping to finish up my taxes this week, but came upon two perpetually nagging questions that I hope I can get someone to answer here. I would be very appreciative is someone could tell me:
1.) In Washington State, we are able to deduct the property tax on our primary residence. Of that tax bill, how much is deductible?
2.) In Washington State, we are able to deduct a portion of our Vehicle licensing tax? When I look at my Registration and the collection of fees that total the cost for my tabs, what portion is deductible?
Thanks much!!
February 18, 2014 at 7:58 pm #804581
schwaggyParticipant1. Pretty certain 100% of your property tax is deductible.
2. You may deduct the portion of vehicle registration in the “RTA” field.
February 18, 2014 at 8:48 pm #804582
skeeterParticipantschwaggy is generally correct.
See table 22.1 in this link:
February 18, 2014 at 8:57 pm #804583
B-squaredParticipantThanks all!! sorry to see that i can really only deduct $5 for my car:-(
February 18, 2014 at 9:16 pm #804584
skeeterParticipantBuy yourself a new Range Rover and get a bigger deduction!!
February 18, 2014 at 10:55 pm #804585
B-squaredParticipantthen i would lose the mortgage deduction as i would have to sell the car to live in the Range Rover.
February 18, 2014 at 11:16 pm #804586
metrognomeParticipantyou can also deduct state sales tax this year (I believe it will not be available in future years unless Congress gets off its collective rear to renew it.) If you buy that Range Rover, you can deduct that sales tax for that major purchase.
http://dor.wa.gov/content/FindTaxesAndRates/IncomeTax/
as far as vehicle fees, schwaggy is correct; you can only deduct that amount that is based on the vehicle’s estimated value. The portion that goes to RTA, aka Sound Transit, is the only portion based on value.
February 20, 2014 at 8:23 am #804587
robirdaParticipantIf you want a real deduction, buy a Tesla.
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