is fbt paid tax deductible?
State and local income taxes are included on your Form W-2 Wage and Tax Statement. You cannot deduct both state and local income taxes if you choose to. If you choose to deduct state and local general sales taxes, you can use your actual expenses or the optional rate tables. You can view the optional fee tables for sales tax in the Instructions for Schedule A (Form 1040) PDF.
The Sales Tax Deduction Calculator is also available. The amounts are deductible.
You can claim a tax deduction or credit for foreign income taxes imposed on you by a foreign country or the United States.
The foreign tax credit can be found in Topic 856 and Am I eligible to claim the foreign tax credit?
If you are an employee, you can deduct mandatory contributions to state benefit funds. There is a list of states that have these funds.
Real estate taxes that are deductible are all state and local taxes charged on real estate for the general public welfare.
All property in the jurisdiction must be charged at the same rate.
There are loan programs that finance energy-saving improvements. You can use the funds from the home energy system loan to make energy improvements to your home. In some programs, the loan is secured by a liens on your home and appears on your real estate tax bill as an excise or excise tax.
These loans are not real estate tax deductible. Assessed amounts or taxes associated with a specific improvement are not deductible.
The interest portion of your payments can be deductible. You can see if you might be able to deduct your mortgage interest expenses.
Many states and counties charge local benefit taxes for improvements to property, such as assessments for streets, sidewalks, and sewer lines. You can't deduct those taxes.
The cost basis of your property can be increased by the amount of the assessment. For more information about the asset basis, see Publication . If the local profit taxes are for maintenance or repair, they are deductible. "Local Profit Taxes" can be found in Chapter 11.
If a portion of your mortgage payment goes into an account that is used to pay real estate taxes, you should not deduct the amount you pay into the account. You should only deduct the amount you actually paid to the tax authorities, not the whole amount.
Deductible personal property taxes are based on the value of personal property, such as a boat or car. If the tax is collected more than once a year or less than once a year, it must be charged to you annually.
