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taxes > tax deductions > taxes paid Tax Deduction: Taxes PaidYou can claim a federal tax deduction on taxes you've already paid: state and local income taxes, real estate taxes, etc. Make filing easier by doing it onlineClaiming deductions is especially easy with Turbo Tax. What qualifies for a tax deduction for paid taxes
What qualifies: How to claim a tax deduction for paid taxes
If you efile, your state and local income taxes will already be entered. The amount of paid real estate taxes is on Form 1098, enter this amount as an itemized tax deduction. Claiming other paid taxes as deductionsPersonal property tax is tax paid on items you own: jewelry, collectibles, vehicles. Make sure you only claim the tax you pay on these items (and not other fees). Sidebar Related IRS publicationsWith a paper return, you need to attach Schedule A with your return. The instruction booklet for Schedule A provides more information about your "taxes paid" deductions. Note: you will need an Adobe Acrobat Reader to view these publications, which you can get here. (But you probably already have it.)
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Taxes Mortgage deduction - deducting points - when refinancing Student loan interest Medical expenses Charity & gifts Investment interest Casualty & theft Taxes paid Miscellaneous ded. How to itemize Alternative minimum tax (AMT) Site Info: |
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Read this disclaimer: This internet site provides information of a general nature for educational purposes only and is not intended to be legal or tax advice. We make no guarantees as to the validity of the information presented. Your particular facts and circumstances, and changes in the law, must be considered when applying U.S. tax law. You should always consult with a competent tax professional licensed in your state with respect to your particular situation.