property tax deductions

[onyx]

i lease a jeep cheroke in connecticut, i pay property tax as part of my monthly payment. can i deduct this tax on my income tax return? i have had this lease since sept. 1999. $26.00/month goes towards the property tax. the dealership is in a different town than where i live.

 

[loku]

You can deduct the portion of the personal property tax you pay that is based on the value of the vehicle. You may not deduct any portion of the tax that is based on anything other than value, for example, weight.

 

[onyx]

thanks for the information, i'll have to deduct it next year. can i deduct all 3 years on 1 return?

 

[loku]

You will have to deduct each year separately by submitting a Form 1040X (amended tax return) for each year. The statute of limitations for filing for a refund is within three years from the date the original return was filed, or two years from the date the tax was paid, whichever is later, so don’t wait too long.