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Local taxes |
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Local taxes Property, sewer, school, or other community paid to a locality. Local taxes are usually deductible for federal income tax purposes. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Home ownership, state and local taxes, charitable donations, out-of-pocket medical expenses, and miscellaneous expenses are all deductible. Likewise, if a taxpayer is not subject to AMT in the current year but likely will owe AMT next year, he or she might try to manage that AMT liability and consider prepaying some of next year's state and local taxes. They also proposed the elimination of the deduction for state and local taxes which includes property taxes paid. |
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