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I am currently on an instalment basis with the IRS paying

Customer Question
them for taxes I owed...
I am currently on an instalment basis with the IRS paying them for taxes I owed in two years ago, can I claim this payment as a deduction on next year's tax return?
Submitted: 2 years ago.Category: Tax
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Answered in 6 minutes by:
9/18/2015
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,240
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi,

...

So sorry no

...

Payment of late taxes, penalties, or interest, against other years' taxes is never a deduction in some other year.

...

Under the doctrine of no double taxation, you can deduct state taxes, property taxes, and taxes paid to another jurisdiction (foreign country).

...

This is the same doctrine that state taxing authorities provide if you pay taxes for working in a non-resident state.

...

ALL to prevent paying taxes twice on the same income dollar.

..

But again, so sorry, there is no deduction for taxes that have not YET been paid to a given taxing authority and federal tax law (Title 26, US Code) makes penalties and interest on unpaid taxes non-deductible as well.

...

Let me know if you have questions,

Lane

...

I hope you'll rate me (that's the only way we get credit for the work here) based on thoroughness and accuracy, rather than any good news/bad news content ... But if there's something you don't understand , please let me know.

...

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,240
13,240 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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