Question

Marc paid $460 for the annual registration on his truck. The fee includes:
$50 registration fee.
$10 plate fee.
$400, 1% of the assessed value of the vehicle.
What amount can he deduct on the Schedule A (Form 1040), Itemized Deductions, as a personal property tax?
$10
$50
$400
$450

Answer 1

$400

Only the value-based portion (the 1% personal property tax) is deductible. The flat registration and plate fees are not.