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Can you deduct a seven thousand dollar gift to an adult child from your federal income taxes?
Wiki User
∙ 18y ago
Probably absolutely not. You may be thinking about gifts to children that can be used to lower your estate and avoid possible estate type taxes in estate planning. One thought: especially if your child doesn't have much income of his own to report---you may be able to take him as a dependent!
Wiki User
∙ 18y ago
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What are the percentage rates for federal income taxes?
What federal income tax percent should my employer deduct from my wages
How many years can you deduct state income payments from your federal taxes?
20
Can you deduct the amount you pay your tax account?
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
Will I be able to deduct a portion of my local property taxes from my NY state income tax?
No. However, you can deduct property taxes from your federal tax liability.
Can federal taxes withheld be tax deductible?
You cannot deduct withheld federal taxes on your federal income tax return. There are some states that allow the deduction of withheld federal taxes on the state income tax return.
What are the percentage rates for federal income taxes?
What federal income tax percent should my employer deduct from my wages
Can you deduct the interest paid on state taxes on your federal income taxes?
yes
How many years can you deduct state income payments from your federal taxes?
20
Can you deduct the amount you pay your tax account?
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
Will I be able to deduct a portion of my local property taxes from my NY state income tax?
No. However, you can deduct property taxes from your federal tax liability.
Can federal taxes withheld be tax deductible?
You cannot deduct withheld federal taxes on your federal income tax return. There are some states that allow the deduction of withheld federal taxes on the state income tax return.
On disability filing federal tax form not necessary but you want to deduct real estate taxes and mortgage interest?
This would not benefit you at all. What income would you have to deduct them from?
Are income tax payments deductible?
State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.
Can you count your tax payment from a previous year's taxes on the current tax form?
If you are talking about your amount paid with your federal tax return, the answer is no. You cannot deduct your previous years federal income tax on your current years tax return. You can deduct on Schedule A the amount paid on your State income tax return if you itemize your taxes.
Is there a tax write off for making a car donation?
Yes. You can deduct the amount that the charity sells the car for from your federal income taxes.
What percent of taxes are taken out of your pay check in Massachusetts?
Your employer will deduct 5.3% of your wages for Massachusetts income tax. Based on your pay rate and the W-4 you filled out, they will deduct about 28% for the Federal Government, plus SSIC.
Can you deduct wage garnishments from your federal and state income that is reported to the IRS?
No. Garnishments are just payment of a debt that you owe and haven't paid. This is not a deductible item.
