Irs Deductible Taxes
August 21st, 2010
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Question: Is tax payment for a previous year deductible for the year it was paid?
I made an error on my 2006 return and the IRS said I owed an extra $2,000 taxes. I paid it in 2007. Can I claim that as a “taxes paid” credit on my 2007 return in addition to the taxes withheld from my income?
Answer: No. You can’t deduct federal taxes on the federal return. You can only deduct state and local taxes.
The taxes paid section is talking about ESTIMATED tax payments sent in for 2007. You were still paying 2006.
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Refinance home to buy vacation home
All the new borrowing qualifies for tax deduction, and you can take out one loan rather than two.
Tax Deduction Tips : IRS Website Tips
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