Taxes deductible as an itemized deduction include all of the following except:
A)Personal property taxes based on the value of the property.
B)Taxes that the taxpayer paid on property owned by his/her parents or children.
C)State and local income taxes.
D)Real estate property taxes based on the assessed value of the property.

Question

Quizplus · Accepted Answer

Personal property taxes based on the value of the property (A), state and local income taxes (C), and real estate property taxes based on the assessed value of the property (D) are all deductible as itemized deductions. However, taxes paid on property owned by parents or children (B) are not deductible as per IRS guidelines.

Taxes Deductible as an Itemized Deduction Include All of the Following