Florida intangible tax vs sales tax deduction

#7 02-03-2005, 06:06 PM

Ed Durall wrote:

- quote -

> > Florida's intangibles tax is ~not~ an income tax,

> That is correct.
> and it is~not~ deductible on Schedule A for Form 1040.
> Actually, it can be deducted on Schedule A as Personal
> Property Tax. It is a tax on personal property: stocks,
> bonds, etc.

Just as in Georgia in olden days when we had an Intangibles
tax.

ChEAr$,
Harlan Lunsford, EA n LA
Wed 2 Feb 2005

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#6 02-02-2005, 08:18 PM

- quote -

> Florida's intangibles tax is ~not~ an > income tax,
That is correct.

- quote -

> and it is~not~ deductible on Schedule A > for Form 1040.
Actually, it can be deducted on Schedule A as Personal Property Tax. It is a

tax on personal property: stocks, bonds, etc.

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#5 02-02-2005, 07:59 PM

WHEW! We who allegedly illegally deduct the Florida intangible tax are
apparently off the hook.

The proper title of the Florida intangible tax is "Florida's Intangible
Personal Property Tax".
http://www.myflorida.com/dor/taxes/ippt.html

According to Publication 17 (pg 162) personal property taxes are indeed
deductible. The Florida intangible tax meets the specified requirements.

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#4 02-02-2005, 07:59 PM

- quote -

> Florida's intangibles tax is ~not~ an income
> tax, and it is ~not~ deductible on Schedule A
> for Form 1040.

Oh Oh! According to this, I and millions of other Floridians have been
in violation of the tax law for the many years that we have deducted it.

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#3 02-02-2005, 07:02 PM

brew_one[at]e-mailanywhere.com wrote:

- quote -

> do you have to pick one or the other? Does Florida's
> intangible tax count as a state income tax or can it be
> listed on a Schedule A under "other taxes"? Thanks.

FL Intangible Tax is a personal property tax, not an income
tax. You can deduct sales taxes in addition to the FL tax.

--
Alan
http://taxtopics.net

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#2 01-31-2005, 11:12 PM

<brew_one[at]e-mailanywhere.com> wrote

- quote -

> do you have to pick one or the other? Does Florida's
> intangible tax count as a state income tax or can it be
> listed on a Schedule A under "other taxes"? Thanks.

Florida's intangibles tax is ~not~ an income tax, and it is
~not~ deductible on Schedule A for Form 1040.

--
Paul A. Thomas, CPA
Athens, Georgia

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#1 01-31-2005, 10:53 PM

No, No, Yes

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01-31-2005, 10:33 PM

brew_one[at]e-mailanywhere.com posted:

- quote -

> do you have to pick one or the other? Does
> Florida's intangible tax count as a state
> income tax or can it be listed on a Schedule A
> under "other taxes"?

FL Intangible is _not an income tax; it is a tax on assets.
It should be listed under "Other" and noted as what it is --
i.e., "Fl Intangible Tax."

The new provision for deduction of state sales taxes
(Consult Pub 600) is specifically intended for FL and other
states which use sales taxes in lieu of income taxes. So,
yes, you can itemize and deduct both items.

Bill

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#-1 01-30-2005, 09:24 PM

do you have to pick one or the other? Does Florida's
intangible tax count as a state income tax or can it be
listed on a Schedule A under "other taxes"? Thanks.

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