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#5
06-02-2006, 05:37 AM
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 Re: Federal Tax Deductions for Local Taxes <ssavad[at]backpacker.com> wrote - quote - > OK, I understand that I can deduct state and local income
It's not an income tax, but it could be a sales tax that> taxes, personal property taxes, and real estate taxes on > Schedule A, restrictions notwithstanding. > However, in the city I live, there's a 7% local utility tax > (power, water, garbage, cell phone, internet use, long > distance-- you name it) that appears on these monthly > utility bills. Is this something I can deduct on Schedule > A, and if so, which line can it be applied on? might be deductible **IF** you opted to take the sales tax deduction **instead** of the income tax deduction on Schedule A. -- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#4
02-04-2006, 03:35 AM
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| Re: Federal Tax Deductions for Local Taxes ssavad[at]backpacker.com wrote: - quote - > OK, I understand that I can deduct state and local income
If it's an annual tax based on a percentage of the property> taxes, personal property taxes, and real estate taxes on > Schedule A, restrictions notwithstanding. > However, in the city I live, there's a 7% local utility tax > (power, water, garbage, cell phone, internet use, long > distance-- you name it) that appears on these monthly > utility bills. Is this something I can deduct on Schedule > A, and if so, which line can it be applied on? value then it's considered a property tax and it's deductible. -- Barry Margolin, barmar[at]alum.mit.edu Arlington, MA *** PLEASE don't copy me on replies, I'll read them in the group *** << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
02-04-2006, 03:16 AM
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| Re: Federal Tax Deductions for Local Taxes ssavad[at]backpacker.com wrote: - quote - > OK, I understand that I can deduct state and local income
Not deductible on Schedule A, because it fails all the> taxes, personal property taxes, and real estate taxes on > Schedule A, restrictions notwithstanding. > However, in the city I live, there's a 7% local utility tax > (power, water, garbage, cell phone, internet use, long > distance-- you name it) that appears on these monthly > utility bills. Is this something I can deduct on Schedule > A, and if so, which line can it be applied on? definitions of a deductible tax you listed in your first paragraph. You did leave out general sales taxes in lieu of state income taxes. Unfortunately, your 7% utility tax is not a general sales tax either. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
02-04-2006, 02:56 AM
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| Re: Federal Tax Deductions for Local Taxes ssavad[at]backpacker.com wrote: - quote - > OK, I understand that I can deduct state and local income
Simply put, "nope." sorry.> taxes, personal property taxes, and real estate taxes on > Schedule A, restrictions notwithstanding. > However, in the city I live, there's a 7% local utility tax > (power, water, garbage, cell phone, internet use, long > distance-- you name it) that appears on these monthly > utility bills. Is this something I can deduct on Schedule > A, and if so, which line can it be applied on? ChEAr$, Harlan Lunsford, EA n LA Fri 3 Feb 2006 << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
02-04-2006, 02:18 AM
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| Re: Federal Tax Deductions for Local Taxes <ssavad[at]backpacker.com> wrote: - quote - > OK, I understand that I can deduct state and local income
No. IF a portion of this is a separately stated general> taxes, personal property taxes, and real estate taxes on > Schedule A, restrictions notwithstanding. > However, in the city I live, there's a 7% local utility tax > (power, water, garbage, cell phone, internet use, long > distance-- you name it) that appears on these monthly > utility bills. Is this something I can deduct on Schedule > A, and if so, which line can it be applied on? sales tax AND you elect to deduct sales tax instead of state & local income tax, the sales tax portion is deductible. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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02-04-2006, 02:18 AM
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| Re: Federal Tax Deductions for Local Taxes ssavad[at]backpacker.com wrote: - quote - > OK, I understand that I can deduct state and local income
Not deductible.> taxes, personal property taxes, and real estate taxes on > Schedule A, restrictions notwithstanding. > However, in the city I live, there's a 7% local utility tax > (power, water, garbage, cell phone, internet use, long > distance-- you name it) that appears on these monthly > utility bills. Is this something I can deduct on Schedule > A, and if so, which line can it be applied on? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-03-2006, 07:26 AM
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| Federal Tax Deductions for Local Taxes OK, I understand that I can deduct state and local income taxes, personal property taxes, and real estate taxes on Schedule A, restrictions notwithstanding. However, in the city I live, there's a 7% local utility tax (power, water, garbage, cell phone, internet use, long distance-- you name it) that appears on these monthly utility bills. Is this something I can deduct on Schedule A, and if so, which line can it be applied on? Thanks. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| deductions, federal, local, tax, taxes |
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