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Are tax years 2016 & 2017 back taxes deductible for tax year 2018?
Property Tax Deduction When Selling a HomeTax treatment of renovation costs and mortgage interest on a second houseOverpay state income tax this year to offset federal taxable income to the next year?Do I deduct last year's state taxes or this year's?Selling Gifted Stock - Capital Gains, Gift Tax, AGI/DeductionsEstimated taxes itemized deduction?Why would a previous year's tax deductions affect the current year's taxes?2018 Federal Income Tax Deduction for Owner Occupied Rental PropertyWas the brouhaha on pre-paying real estate tax in 2017 for 2018 taxes ever resolved, and if so, how?1098-T with scholarship listed this year 2018 as “billed” but tuition was reported on 2017 year's 1098-T as “paid”
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If someone, in 2018, pays taxes, including interest and penalties, owed for tax years 2016 and 2017, then can that person claim a deduction for the paid taxes, only the original amount and no the taxes and fees, for their income for fiscal year 2018?
For example, suppose the person has gross income of $100k and owed $20k in both tax years 2016 and 2017, for a total owed taxes of $40k, but does not pay them on time. IRS imposes late penalty & interest fee of $5k until the person pays IRS total owed $45k in 2018. Person has gross income of $100k in 2018. Can the person claim $40k deduction for paying prior year federal taxes in the 2018 1040?
Any references are appreciated.
tax-deduction
asked 3 hours ago
2q.2q.
304
add a comment |
If someone, in 2018, pays taxes, including interest and penalties, owed for tax years 2016 and 2017, then can that person claim a deduction for the paid taxes, only the original amount and no the taxes and fees, for their income for fiscal year 2018?
For example, suppose the person has gross income of $100k and owed $20k in both tax years 2016 and 2017, for a total owed taxes of $40k, but does not pay them on time. IRS imposes late penalty & interest fee of $5k until the person pays IRS total owed $45k in 2018. Person has gross income of $100k in 2018. Can the person claim $40k deduction for paying prior year federal taxes in the 2018 1040?
Any references are appreciated.
tax-deduction
asked 3 hours ago
2q.2q.
304
add a comment |
If someone, in 2018, pays taxes, including interest and penalties, owed for tax years 2016 and 2017, then can that person claim a deduction for the paid taxes, only the original amount and no the taxes and fees, for their income for fiscal year 2018?
For example, suppose the person has gross income of $100k and owed $20k in both tax years 2016 and 2017, for a total owed taxes of $40k, but does not pay them on time. IRS imposes late penalty & interest fee of $5k until the person pays IRS total owed $45k in 2018. Person has gross income of $100k in 2018. Can the person claim $40k deduction for paying prior year federal taxes in the 2018 1040?
Any references are appreciated.
tax-deduction
asked 3 hours ago
2q.2q.
304
If someone, in 2018, pays taxes, including interest and penalties, owed for tax years 2016 and 2017, then can that person claim a deduction for the paid taxes, only the original amount and no the taxes and fees, for their income for fiscal year 2018?
For example, suppose the person has gross income of $100k and owed $20k in both tax years 2016 and 2017, for a total owed taxes of $40k, but does not pay them on time. IRS imposes late penalty & interest fee of $5k until the person pays IRS total owed $45k in 2018. Person has gross income of $100k in 2018. Can the person claim $40k deduction for paying prior year federal taxes in the 2018 1040?
Any references are appreciated.
tax-deduction
tax-deduction
asked 3 hours ago
2q.2q.
304
asked 3 hours ago
2q.2q.
304
asked 3 hours ago
2q.2q.
304
asked 3 hours ago
2q.2q.
304
asked 3 hours ago
2q.2q.
304
304
add a comment |
add a comment |
2 Answers
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It looks like federal back taxes are not deductible on the following year's federal tax return. I guess this makes sense since from gov's point of view they were owed to begin with so no reason to be able to deduct them.
answered 2 hours ago
2q.2q.
304
add a comment |
No! You can't take a tax deducton on tax*. Which is what the $40k is.
Tax isn't normally tax deductible when you pay it on time. Paying it late doesn't somehow make it more deductible.
Whether those interest and penalties are deductible is another question, but the same answer.
* You can often deduct taxes paid to other entities, such as your state or another country.
answered 1 hour ago
HarperHarper
24.9k63788
add a comment |
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2 Answers
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It looks like federal back taxes are not deductible on the following year's federal tax return. I guess this makes sense since from gov's point of view they were owed to begin with so no reason to be able to deduct them.
answered 2 hours ago
2q.2q.
304
add a comment |
It looks like federal back taxes are not deductible on the following year's federal tax return. I guess this makes sense since from gov's point of view they were owed to begin with so no reason to be able to deduct them.
answered 2 hours ago
2q.2q.
304
add a comment |
It looks like federal back taxes are not deductible on the following year's federal tax return. I guess this makes sense since from gov's point of view they were owed to begin with so no reason to be able to deduct them.
answered 2 hours ago
2q.2q.
304
It looks like federal back taxes are not deductible on the following year's federal tax return. I guess this makes sense since from gov's point of view they were owed to begin with so no reason to be able to deduct them.
answered 2 hours ago
2q.2q.
304
answered 2 hours ago
2q.2q.
304
answered 2 hours ago
2q.2q.
304
answered 2 hours ago
2q.2q.
304
304
add a comment |
add a comment |
No! You can't take a tax deducton on tax*. Which is what the $40k is.
Tax isn't normally tax deductible when you pay it on time. Paying it late doesn't somehow make it more deductible.
Whether those interest and penalties are deductible is another question, but the same answer.
* You can often deduct taxes paid to other entities, such as your state or another country.
answered 1 hour ago
HarperHarper
24.9k63788
add a comment |
No! You can't take a tax deducton on tax*. Which is what the $40k is.
Tax isn't normally tax deductible when you pay it on time. Paying it late doesn't somehow make it more deductible.
Whether those interest and penalties are deductible is another question, but the same answer.
* You can often deduct taxes paid to other entities, such as your state or another country.
answered 1 hour ago
HarperHarper
24.9k63788
add a comment |
No! You can't take a tax deducton on tax*. Which is what the $40k is.
Tax isn't normally tax deductible when you pay it on time. Paying it late doesn't somehow make it more deductible.
Whether those interest and penalties are deductible is another question, but the same answer.
* You can often deduct taxes paid to other entities, such as your state or another country.
answered 1 hour ago
HarperHarper
24.9k63788
No! You can't take a tax deducton on tax*. Which is what the $40k is.
Tax isn't normally tax deductible when you pay it on time. Paying it late doesn't somehow make it more deductible.
Whether those interest and penalties are deductible is another question, but the same answer.
* You can often deduct taxes paid to other entities, such as your state or another country.
answered 1 hour ago
HarperHarper
24.9k63788
answered 1 hour ago
HarperHarper
24.9k63788
answered 1 hour ago
HarperHarper
24.9k63788
answered 1 hour ago
HarperHarper
24.9k63788
24.9k63788
add a comment |
add a comment |
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