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I am a resident of Georgia - can I deduct the one time tax…

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HI - I am...

HI - I am a resident of Georgia - can I deduct the one time tax on purchase of a new car?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Its called the TAVT - which is levied in GA - can I claim the TAVT as a deduction on my Federal and Georgia return?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No this is the only question I have

Submitted: 20 days ago.Category: Tax
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Answered in 6 minutes by:
4/3/2018
Tax Professional: Barbara, Enrolled Agent replied 20 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,796
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You can deduct only the Ad Valorem Tax portion of the annual auto registration on your Federal Schedule A.

The new Title Ad Valorem Tax (TAVT) is not deductible for federal or GA purposes.

In order to be deductible as a personal property tax, it must be imposed on an annual basis.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 20 days ago
thanks - what exactly is the "ad Valorem Tax portion of the annual auto registration"
Tax Professional: Barbara, Enrolled Agent replied 20 days ago

An ad valorem tax is based on the assessed value of the vehicle/item.

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