Schedule A - Taxes Paid and Used as Itemized Deductions
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What types of taxes qualify to be deducted as itemized deductions? What sort of taxes don't qualify for the deduction? Would a vehicle registration fee qualify as a deductible tax? Why or why not?
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Solution Summary
This solution explains the four examples taxes that are allowed on Schedule A as itemized deductions with justifications.
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State and local taxes paid in the previous year qualify to be used as itemized deductions, which are then listed on Schedule A of the taxpayer's Form 1040. Other taxes that can be used include sales tax paid on items, real estate taxes and personal property taxes. Foreign tax paid can also be used on Schedule A.
A vehicle registration fee does not qualify as a deductible tax because it is not a ...
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