55051
On the second Q about whether state income taxes can be deducted from Net Investment Income, please indicate as to what percentage of the taxes can offset the income. Thanks
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1) No.
2) Yes. It is not necessarily a specific percentage, but see the Instructions for Form 8960, specifically for Line 9b and "Reasonable method allocations" to determine the amount. https://www.irs.gov/instructions/i8960/ch02.html#d0e2068
1) No.
2) Yes. It is not necessarily a specific percentage, but see the Instructions for Form 8960, specifically for Line 9b and "Reasonable method allocations" to determine the amount. https://www.irs.gov/instructions/i8960/ch02.html#d0e2068
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