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)3 and 4.
B)1,2,and 4.
C)None of the items are deductible.
D)All of the items are deductible.

Question

Quizplus · Accepted Answer

1. Real estate taxes on property owned in Mexico are deductible as they are considered a foreign tax.
2. Property tax on a vehicle is deductible as long as it is based on the value of the vehicle.
3. Fines for speeding are not deductible.
4. Personal property tax on a pleasure boat is deductible as long as it is based on the value of the boat.

Which of the Following Costs Are Deductible on Form 1040,Schedule