Colorado Registration Ownership Tax Receipt Deduction

Vehicles do not need to be operated in order to be assessed this tax.

Colorado registration ownership tax receipt deduction. The example below applies to tax class d which includes utility trailers camper trailers multipurpose trailers and trailer coaches. The part of your colorado vehicle registration fee that is deductible on your federal return is the ownership tax. Sot is charged on a sliding scale based on year of service. Colorado taxpayers that want to deduct the ownership tax on their federal income.

Do i deduct the full ammount on federal tax form. I m looking at my colorado registration ownership receipt and see a total of 247 71. The amount shown in the ownership tax own. If your registration has been lost or misplaced a duplicate may be obtained for a fee of 2 20 at any douglas county motor vehicle office.

Ownership tax cannot be given over the phone. Second year 1 5. First year 2 1. No you can only deduct the personal property tax which would be listed as specific ownership tax.

Vehicles do not need to be operated in order to be assessed this tax. O sot is in lieu of personal property tax. Fourth year 9. You can deduct this fee in either the registration fee section or property tax section but not both.

Cstars fund in the highway users tax fund hutf pursuant to c r s. Ownership tax is in lieu of personal property tax. The specific ownership taxes you paid for a registration year are on the back of your registration receipt. What colorado vehicle registration taxes can i deduct from my income tax.

Tax section of your vehicle registration receipt can be claimed as an itemized deduction on your federal income tax return. Third year 1 2. You can deduct this fee in either the registration fee section or property tax section but not both. O the sot rate is assessed on the original taxable value and year of service.

For tax class d that scale is. For tax class d taxable value is 85 of msrp. Ownership tax is a personal property tax based on a vehicle s manufacturer s suggested retail price. O sot paid for each year is listed on the back of the registration card.

The location of ownership tax on your vehicle registration is highlighted below. The specific ownership taxes you paid for a registration should be on the back of your registration receipt. Replacing vehicle registration documents in colorado. This is not claimed on your colorado income tax return because the figure has already been taken out of your federal taxable income when you start to complete your colorado return.