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”
Shell script can be run only with sh command
Can Medicine checks be used, with decent rolls, to completely mitigate the risk of death from ongoing damage?
Can town administrative "code" overule state laws like those forbidding trespassing?
How old can references or sources in a thesis be?
"which" command doesn't work / path of Safari?
Could a US political party gain complete control over the government by removing checks & balances?
How is the claim "I am in New York only if I am in America" the same as "If I am in New York, then I am in America?
How can bays and straits be determined in a procedurally generated map?
The use of multiple foreign keys on same column in SQL Server
How is it possible for user's password to be changed after storage was encrypted? (on OS X, Android)
Why don't electron-positron collisions release infinite energy?
What do you call something that goes against the spirit of the law, but is legal when interpreting the law to the letter?
Concept of linear mappings are confusing me
I’m planning on buying a laser printer but concerned about the life cycle of toner in the machine
Is there a familial term for apples and pears?
N.B. ligature in Latex
What is the meaning of "of trouble" in the following sentence?
A newer friend of my brother's gave him a load of baseball cards that are supposedly extremely valuable. Is this a scam?
Chess with symmetric move-square
How can the DM most effectively choose 1 out of an odd number of players to be targeted by an attack or effect?
The magic money tree problem
Is Social Media Science Fiction?
What is the white spray-pattern residue inside these Falcon Heavy nozzles?
Why can't I see bouncing of a switch on an oscilloscope?
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”
.everyoneloves__top-leaderboard:empty,.everyoneloves__mid-leaderboard:empty,.everyoneloves__bot-mid-leaderboard:empty margin-bottom:0;
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.
united-states tax-deduction
asked 8 hours ago
2q.2q.
325
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.
united-states tax-deduction
asked 8 hours ago
2q.2q.
325
Tax rules depend on jurisdiction. IRS plus $ suggests US (Britain used to also be Inland Revenue but £) but it isn't stated, and US is not the only country in the world.
– dave_thompson_085
32 mins ago
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.
united-states tax-deduction
asked 8 hours ago
2q.2q.
325
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.
united-states tax-deduction
united-states tax-deduction
asked 8 hours ago
2q.2q.
325
asked 8 hours ago
2q.2q.
325
edited 7 mins ago
2q.
asked 8 hours ago
2q.2q.
325
asked 8 hours ago
2q.2q.
325
asked 8 hours ago
2q.2q.
325
325
Tax rules depend on jurisdiction. IRS plus $ suggests US (Britain used to also be Inland Revenue but £) but it isn't stated, and US is not the only country in the world.
– dave_thompson_085
32 mins ago
add a comment |
Tax rules depend on jurisdiction. IRS plus $ suggests US (Britain used to also be Inland Revenue but £) but it isn't stated, and US is not the only country in the world.
– dave_thompson_085
32 mins ago
Tax rules depend on jurisdiction. IRS plus $ suggests US (Britain used to also be Inland Revenue but £) but it isn't stated, and US is not the only country in the world.
– dave_thompson_085
32 mins ago
Tax rules depend on jurisdiction. IRS plus $ suggests US (Britain used to also be Inland Revenue but £) but it isn't stated, and US is not the only country in the world.
– dave_thompson_085
32 mins ago
add a comment |
2 Answers
2
active
oldest
votes
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 6 hours ago
HarperHarper
24.9k63788
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 8 hours ago
2q.2q.
325
add a comment |
Your Answer
StackExchange.ready(function()
var channelOptions =
tags: "".split(" "),
id: "93"
;
initTagRenderer("".split(" "), "".split(" "), channelOptions);
StackExchange.using("externalEditor", function()
// Have to fire editor after snippets, if snippets enabled
if (StackExchange.settings.snippets.snippetsEnabled)
StackExchange.using("snippets", function()
createEditor();
);
else
createEditor();
);
function createEditor()
StackExchange.prepareEditor(
heartbeatType: 'answer',
autoActivateHeartbeat: false,
convertImagesToLinks: true,
noModals: true,
showLowRepImageUploadWarning: true,
reputationToPostImages: 10,
bindNavPrevention: true,
postfix: "",
imageUploader:
brandingHtml: "Powered by u003ca class="icon-imgur-white" href="https://imgur.com/"u003eu003c/au003e",
contentPolicyHtml: "User contributions licensed under u003ca href="https://creativecommons.org/licenses/by-sa/3.0/"u003ecc by-sa 3.0 with attribution requiredu003c/au003e u003ca href="https://stackoverflow.com/legal/content-policy"u003e(content policy)u003c/au003e",
allowUrls: true
,
noCode: true, onDemand: true,
discardSelector: ".discard-answer"
,immediatelyShowMarkdownHelp:true
);
);
Sign up or log in
StackExchange.ready(function ()
StackExchange.helpers.onClickDraftSave('#login-link');
);
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
StackExchange.ready(
function ()
StackExchange.openid.initPostLogin('.new-post-login', 'https%3a%2f%2fmoney.stackexchange.com%2fquestions%2f107479%2fare-tax-years-2016-2017-back-taxes-deductible-for-tax-year-2018%23new-answer', 'question_page');
);
Post as a guest
Required, but never shown
2 Answers
2
active
oldest
votes
2 Answers
2
active
oldest
votes
active
oldest
votes
active
oldest
votes
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 6 hours 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 6 hours 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 6 hours 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 6 hours ago
HarperHarper
24.9k63788
answered 6 hours ago
HarperHarper
24.9k63788
answered 6 hours ago
HarperHarper
24.9k63788
answered 6 hours ago
HarperHarper
24.9k63788
24.9k63788
add a comment |
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 8 hours ago
2q.2q.
325
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 8 hours ago
2q.2q.
325
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 8 hours ago
2q.2q.
325
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 8 hours ago
2q.2q.
325
answered 8 hours ago
2q.2q.
325
answered 8 hours ago
2q.2q.
325
answered 8 hours ago
2q.2q.
325
325
add a comment |
add a comment |
Thanks for contributing an answer to Personal Finance & Money Stack Exchange!
- Please be sure to answer the question. Provide details and share your research!
But avoid …
- Asking for help, clarification, or responding to other answers.
- Making statements based on opinion; back them up with references or personal experience.
To learn more, see our tips on writing great answers.
Sign up or log in
StackExchange.ready(function ()
StackExchange.helpers.onClickDraftSave('#login-link');
);
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
StackExchange.ready(
function ()
StackExchange.openid.initPostLogin('.new-post-login', 'https%3a%2f%2fmoney.stackexchange.com%2fquestions%2f107479%2fare-tax-years-2016-2017-back-taxes-deductible-for-tax-year-2018%23new-answer', 'question_page');
);
Post as a guest
Required, but never shown
Sign up or log in
StackExchange.ready(function ()
StackExchange.helpers.onClickDraftSave('#login-link');
);
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
Sign up or log in
StackExchange.ready(function ()
StackExchange.helpers.onClickDraftSave('#login-link');
);
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
Sign up or log in
StackExchange.ready(function ()
StackExchange.helpers.onClickDraftSave('#login-link');
);
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Tax rules depend on jurisdiction. IRS plus $ suggests US (Britain used to also be Inland Revenue but £) but it isn't stated, and US is not the only country in the world.
– dave_thompson_085
32 mins ago