Which of the following taxes is not deductible as an itemized deduction? a.Sales tax in a state with no income tax b.State income tax c.Federal income tax d.Property tax on second residence
Which of the following taxes is not deductible as an itemized deduction? a.Sales tax in a state with no income tax b.State income tax c.Federal income tax d.Property tax on second residence
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following taxes is not deductible as an itemized deduction?a.Sales tax in a state with no income taxb.State income taxc.Federal income taxd.Property tax on second residence
Expert Solution
Step 1
Non Deductible Taxes under itemized deduction:
1. federal income tax
2. Federal, state or local estate or gift tax
3. Social security taxes & other federal employment taxes
4. Self employment taxes
5. Business taxes & rental property taxes
6. Foreign personal or real property taxes.
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