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No, this is the offset of not having to pay taxes on 401K profits.
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∙ 11y ago
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Can you deduct the purchase of a used car from your taxes?
No. But an uninsured vehicle loss can be.
Can you deduct a loss of income due to medical on income taxes?
yes
Can you deduct - from your taxes - the loss on the sale of your home?
The loss on the sale of a personal residence is a nondeductible personal loss. (Source: http://www.irs.gov/faqs/faq/0,,id=199617,00.html)
Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
Can you deduct payroll taxes?
A individual taxpayer cannot deduct payroll taxes on the individual taxpayers income tax return.
Can you deduct the purchase of a used car from your taxes?
No. But an uninsured vehicle loss can be.
Can you deduct a loss of income due to medical on income taxes?
yes
Do I pay taxes on my 401K after age 62?
Yes, you will pay taxes on withdrawals from your 401(k) after age 62. The withdrawals are considered ordinary income and will be subject to income tax.
Can you deduct - from your taxes - the loss on the sale of your home?
The loss on the sale of a personal residence is a nondeductible personal loss. (Source: http://www.irs.gov/faqs/faq/0,,id=199617,00.html)
Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
Can you deduct payroll taxes?
A individual taxpayer cannot deduct payroll taxes on the individual taxpayers income tax return.
What's the difference between Roth and a 401K?
The difference between a Roth 401k and a regular 401k is that the Roth 401K is a after-tax contribution and the regular 401K is a pre-tax contribution. You pay taxes on the Roth 401K now in order to avoid taxes at withdrawal. The regular 401 is a tax credit for the year deposited with taxes paid at the time of withdrawal.
Can you deduct house insurance from your taxes?
No.
Can you deduct a loss on an REIT?
no
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.
Can you deduct life insurance premiums on taxes?
No
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.
