Can i deduct state inheritance tax on my federal return?

Answer State inheritance taxes are deductible on your federal tax return. You need to list your inheritance tax as an itemized deduction on Form 1040 Schedule A. List the amount of your inheritance tax on... Read More »

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How to Deduct Federal Taxes on a State Return?

Federal taxes due to the government can be deducted from state taxable income in some states. These taxes are filed in April every year except for no-income-tax states, such as Alaska and Florida.... Read More »

Do I Need to Report My Inheritance on My Federal Tax Return?

Inheritance reporting, like almost everything involving the IRS, is a tricky subject. The answer is usually "it depends." In inheritance cases it primarily depends on what type of income it is and ... Read More »

Can you deduct sales taxes on your federal tax return?

You can deduct either state and local income taxes that you pay or the state and local sales tax that you pay from your federal tax return. The deduction is itemized, which means you need to forgo ... Read More »

How to Deduct Gambling Losses on a Federal Income Tax Return?

The Internal Revenue Service requires that you report all of your gambling winnings on your income taxes so they can be included as taxable income. The IRS also permits you to reduce your taxable i... Read More »