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Concerning taxes you paid, we can choose either sales taxes paid or state and local income taxes. However, we can not choose both. That is, we can not deduct both at the same time. So, Schedule A – Itemized deduction Line 5 is filled state and local income taxes or sales taxes. See 1040 instruction p.89: http://www.irs.gov/pub/irs-pdf/i1040.pdf

Posted on 11/14/2007 | in ordinary |