Which Taxes are Deductible?

Taxpayers can use to create an itemized list of which include specific that you were required to pay throughout the year. You can't deduct taxes that you paid for anyone else, if you weren't dually responsible for the tax.

Taxes that can be deducted include:

  • State and local income tax
  • Contributions to funds such as the state disability , which are state run benefit programs that are treated as taxes
  • Foreign income tax that hasn't been claimed on Form 1116
  • for property owned, with the exception of money in escrow by the lender until the taxes are remitted.
  • Your share of taxes on a co-op.

Taxes that aren't eligible to be deducted:

  • Federal income taxes
  • FICA tax
  • Amounts paid to taxing authorities for district improvements, such as sewer and garbage services
  • Excise taxes
  • Licensing fees (dog license, driver's license, hunting license, etc.)