Colorado Auto Registration

[Slippery Pencil]

What is the "Prior O.T." on the Colorado Registration/Ownership Tax? Is it based on the value of the vehicle or something else? Thanks.

[imjulier]

I think you might be asking if this is deductible as an itemized deduction. The answer is yes. Its usually marked "Owner Tax" or "Own Tax" in about the middle of the car registration. I'm not sure what previous OT is but if my response is confusing I can run out to my car and try to figure it out.

Julie

[Slippery Pencil]

Thanks Julie,

There are four dollar amounts on the registrtion. They moved to CO in 07, so 08 is the first year they're paying the CO Own Tax. The four amounts are "Prior O.T.", "Own Tax", "Lic. Fee", & "Title Fee". I know the title & license fee aren't deductible, but didn't know what "Prior O.T." was. The only thing I can guess is the O.T. stands for Owner Tax and since they moved in 07 the prior is for the part of the year they lived in CO.

[imjulier]

Hmmm....now I see where your line of thinking is coming from. Any of the examples I have available to me (client's and my own records in my office at the time) do not show amounts in the Prior OT....but none of my clients moved here recently as in your example. Also, as you may have tried, I went to the Dept of Motor Vehicles page to try to find a description of this and got stuck in a loop so couldn't find it. I think you are correct in assuming OT is Owners Tax. I'm just not sure what prior OT really is. For what it is worth, I've never really thought about it and have always just used the Own Tax box. If there was anything in Prior OT, I haven't used it. I'll have to keep my eyes open and see if this mystery ever reveals itself. Is it significant to their return and does it change their results that much?

Julie

[Slippery Pencil]

Thanks again for the reply. It's very insignificant. The prior OT is $8 & $33 compared to $48 & $360 for Own Tax. The $41 total makes a $12 difference on the return. I'm going to take it based on my assumption that O.T. stands for Owners Tax and it has something to do with moving into CO in 2007 but not registering the cars until 2008. Thanks for the help.

grace & peace,

dave

[Lion EA]

It sounds like the tax for a prior year, catching up.

[mwrightea]

Prior OT on Colorado Registration is ownership tax that was paid because a car was licensed late, or purchased from a dealer. Moving into our state can also trigger it. It is a personal property tax and is deductable along with the Own Tax.