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Help! I'm confused about itemized deductions for my taxes!

S

StormRider

Diamond Member
Last year I bought my first house so I'm itemizing my deductions for the first time. I'm confused about something -- it seems like you can deduct your state taxes from your federal taxes. Is this true? It doesn't make sense to me.

So far, I've entered my Real Estate Tax and Mortgage Interest as my only deductions and put in a 0 for my State Tax deduction. Am I really allowed to entered my State Taxes as a deduction? In other words, do I enter box 17 from my W2 form as a deduction? 😕
 
Any local taxes you pay are deductible on the federal level.

Your 2001 State taxes are are legal deduction on your 2002 Federal return. So are propery taxes, some parts of car tags, personal propery taxes, and whatever you pay your accountant to do your taxes 🙂

 
Originally posted by: StormRider
Last year I bought my first house so I'm itemizing my deductions for the first time. I'm confused about something -- it seems like you can deduct your state taxes from your federal taxes. Is this true? It doesn't make sense to me.

So far, I've entered my Real Estate Tax and Mortgage Interest as my only deductions and put in a 0 for my State Tax deduction. Am I really allowed to entered my State Taxes as a deduction? In other words, do I enter box 17 from my W2 form as a deduction? 😕
Click to expand...

Yes, state tax deducted from your paycheck is deductable and a refund is income next year.
The view is that to tax tax is taxing the patience of the tax payer.
😀
 
yes, you can claim state taxes, but if you recieved a refund from the state the prior year and didn't use the standard deduction, you got to claim that as income. Atleast that's how I understand it. Do you have any Ad valorum tax on your vehicles? that can be claimed to.

KK
 
yes, state and local income tax is tax deductible. It falls under "Taxes you Paid" line 5 of Schedule A. Your mortgage interest falls on the 3rd part, "Interest you Paid", line 10.

hope it helps! Goodluck!🙂
 
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