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If you are
able to itemize your deductions, certain taxes that were imposed on you
that you paid during the year may be deductible. You cannot deduct taxes
paid for another party, if you are not the person liable for payment of
the tax.
Deductible taxes include:
-
State and
local income tax OR
State and local general sales tax*
-
Payments to
certain state benefit funds
-
Foreign
taxes (up to a certain amount can be deducted even if you are not able
to itemize deductions)
-
Real estate
taxes actually paid on property you own (excluding assessment fees)
-
Personal
property taxes
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*If you purchase a NEW (not used) qualified
motor vehicle between February 17, 2009 and December 31, 2009, you may
be able to deduct the sales tax above-the line (without itemizing
deductions). It only applies to the
sales tax on the first $49,500 of the purchase price. |
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You CANNOT
deduct:
-
Federal
income tax
-
Alternative
minimum tax (AMT)
-
Social
security tax
-
Transfer or
stamp tax
-
Excise tax
-
Luxury tax
-
Estate or
inheritance tax
-
Gift tax
-
Fines
-
Fees for
drivers licenses, dog licenses, hunting or fishing licenses
-
Fees imposed
by taxing districts for improvements or services, such as garbage
collection or sewers
-
Homeowner
association fees
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