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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I live in Massachusetts. Can I deduct the state long and term

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I live in Massachusetts. Can I deduct the state long and term capital gains taxes I need to pay for Massacusetts on my Federal Form as a state tax deduction - and if so where do I include that deduction on the federal form?

If the capital gains tax that you paid to the state was actually paid this year (2009), then you can deduct those taxes when you file next year's federal return. If these are taxes you actually paid in the year 2008, then you may deduct them this year on your federal return.

The taxes are deducted on Schedule A, line 5. Schedule A is used for your itemized deductions. If you do not itemize your deductions, you would not be allowed to deduct these taxes.

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