Tax Deductible Items (its)

Non-business tax deductible items.

For the IRS (Internal Revenue Service), four types of deductible, non–business taxes exist. They are:

State, local and foreign income taxes;
Real estate taxes;
Personal property taxes; and,
State and local general sales taxes.

This is only applicable when you elect not to deduct state and local INCOME taxes.

To be a deductible item, the tax must have been paid during your tax year. Tables are available to determine state, and local, general sales tax amount. Refer to the appropriate IRS Publication, covering Optional State Sales Tax Tables, for more information. Taxes are only claimed as an itemized deduction on Form 1040, Schedule A.

State and local income taxes.

Some have withheld from wages, during the year, State, and local, income taxes. These appear on Form W-2. The following amounts are also deductible:

Any estimated taxes paid to state, or local, governments during the year; and,
Any prior year's state, or local, income tax you paid during the year.

Foreign income taxes.

Generally, you take either a deduction, or a tax credit, for foreign income taxes. These are imposed, on you, by a foreign country, or a United States possession. For information regarding the foreign tax credit, refer to Topic 856. Tax Deductible Items its

State benefit funds.

As an employee, it is your option to deduct mandatory contributions, to state benefit funds. These funds provide protection against loss of wages. Not all states have such funds, so it is up to you to find out if these applies in your case.

Tax Deductible Items (its)

Get more information on real estate, mortage, and non-deductible taxable items.

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