Can I deduct what I owed/paid last year as a loss for this year on my Federal taxes? Ive read you can do this for state taxes.
2007-04-16 12:45:08 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Not if you're talking about federal income taxes - those are never deductible. If you itemize, you can deduct state and local taxes.
2007-04-16 13:29:49 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Simple answer is NO except State income taxes.
In case of Federal income tax return, you can deduct state income taxes only if you do itemized deductions instead of standardized deductions.
-Infoman
-------------------------------------------------
Not a legal advice.
http://tax1040.blogspot.com/
http://www.theusefulinfo.com/tax
2007-04-17 14:30:41 · answer #2 · answered by www.TheUseFulInfo.com 2 · 1⤊ 0⤋
If I understand your question correctly, the answer is "no".
2007-04-16 19:56:06 · answer #3 · answered by Kraftee 7 · 0⤊ 0⤋