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Can you deduct IL property tax on both federal and state returns?
Wiki User
∙ 11y ago
Yes, sort of: property taxes are a federal tax deduction and an IL tax CREDIT (up to 5 percent of property taxes paid). Your tax professional will assist you with your particular situation and will know of any changes to the law that might affect you.
Wiki User
∙ 11y ago
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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 medical bills be taken out of Federal Income tax returns in the state of South Carolina?
Yes and the state doesn't matter on federal income tax returns. Federal is federal and state is state.
How many years can you deduct state income payments from your federal taxes?
20
Do I include copies of 1099's with paper returns?
As to federal returns: Only include Form 1099-R if it shows federal withholding. As to state returns: See the instructions for your specific state.
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 medical bills be taken out of Federal Income tax returns in the state of South Carolina?
Yes and the state doesn't matter on federal income tax returns. Federal is federal and state is state.
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
Do I include copies of 1099's with paper returns?
As to federal returns: Only include Form 1099-R if it shows federal withholding. As to state returns: See the instructions for your specific state.
Can I prepare state and federal tax returns online?
You can prepare federal tax returns online. However, some states require that you file state tax returns through the mail. You will have to file them separately.
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.
Are real estate properties a national or state power?
Real property is governed by state laws. Both state and federal governments have the power to take real property by eminent domain.Real property is governed by state laws. Both state and federal governments have the power to take real property by eminent domain.Real property is governed by state laws. Both state and federal governments have the power to take real property by eminent domain.Real property is governed by state laws. Both state and federal governments have the power to take real property by eminent domain.
Do I send a copy of my federal tax returns to the state if I live in Wisconsin?
If you have filed itemized deductions, it may call for a copy of your federal tax returns.
Can you use this program to figure both State and Federal returns?
yes
Can my employer deduct from my wages for workers comp?
Depending on the laws of the state, an employer can deduct for Workman's Compensation. Deductions for federal programs such as Workman's Compensation and Social Security are standard deductions.
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.
