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Homework answers / question archive / which of the following costs are deductible on form 1040, Schedule A as taxes? 1- Real estate taxes on property owned in Mexico
which of the following costs are deductible on form 1040, Schedule A as taxes? 1- Real estate taxes on property owned in Mexico. 2- Property tax portion of vehicle registration, based on the value of the auto. 3- Fine for speeding. 4- Personal property tax on a pleasure boat. a- 1,2, and 4 b- 3 and 4 c- None of the items are deductible. d- All of the items are deductible.
Solution
The correct answer is 1) Real estate taxes on property owned in Mexico
Deductible real estate taxes are generally any state or local taxes on real property levied for the general public welfare. The charge must be uniform against all real property in the jurisdiction at a like rate.
