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Dose mean can not deduct state income taxes only or dose it…

Dose mean can not...

Dose mean can not deduct state income taxes only or dose it includes property taxes too

Accountant's Assistant: What state are you in? It matters because laws vary by location.

california

Accountant's Assistant: Has anything been filed or reported?

No

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

No yes or no answer ok

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Answered in 1 minute by:
11/3/2017
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,795
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

Please rephrase your question, I am not clear as to what you are trying to ask.

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Customer reply replied 9 months ago
i NOT DEDUCT MY STATE INCOME TAX ONLY DO I HAVE INCLUDE MY PROPERTY TAXES TOO ETC

Hello again.

My understanding is that you are asking if you can deduct your state income taxes as well as property taxes. If this is the case, yes, you would have to itemize and use the Form Schedule A. SEE BELOW:

-------------------------------

There are four types of deductible nonbusiness taxes:

To be deductible, the tax must be imposed on you and you must have paid it during your tax year. Taxes may be claimed only as an itemized deduction on Form 1040, Schedule A (PDF), Itemized Deductions.

REFERENCE SOURCE:

https://www.irs.gov/taxtopics/tc500/tc503

If you do not require further assistance with this matter, I ask that you please take the time to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. A 5 star rating is greatly appreciated. Thank you in advance.

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Customer reply replied 9 months ago
answer ok
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane.

...

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986.

...

If you're asking about current tax law BOTH are deductible. But under the new bill being proposed, State & Local tax deduction is taken away while the property tax deduction stays (up to 10K).

...

The original GOP proposal was to fully repeal the state and local tax deduction, which lets filers deduct their property taxes as well as their state and local income or sales taxes. But it was met with strong opposition from lawmakers in high-tax states and cities.

So Brady made a concession - The House bill restores an itemized property tax deduction for property taxes up to $10,000.

....

The original GOP proposal was to fully repeal the state and local tax deduction, which lets filers deduct their property taxes as well as their state and local income or sales taxes. But it was met with strong opposition from lawmakers in high-tax states and cities.

So Brady made a concession. The House bill restores an itemized property tax deduction for property taxes up to $10,000.

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Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

I hope that you’ll rate me based on my accuracy and thoroughness, rather than any good news/bad news content.

That’s the only way JustAnswer.com will credit me for the work here.

Thanks,

Lane

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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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