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Jacy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 568
Experience:  Nine years individual income tax preparation and consulting
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i sold a vacation home to pay for taxes due from my business.

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i sold a vacation home to pay for taxes due from my business. Can i claim these taxes on my personal tax deduction. I received a 1099-s from the closing attorney that reported the entire sale and not the money deducted for the irs.
Submitted: 6 years ago.
Category: Tax
Expert:  Jacy replied 6 years ago.



Unfortunately, no. The only taxes that are deductible for personal federal income tax purposes, are taxes paid to your state, county or city. If this business is incorporated, then the company should reimburse you for these taxes. Otherwise, sole proprieter taxes are lumped in with personal taxes.


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