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Have 12k in real estate taxes, 30k in state inc taxes & 30k in interest. Can I not report any state tx because I am getting a refund, do not want to declare it as income?
June 3, 2019
10:11 AM
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Yes, you can opt to use Standard Deduction instead of itemizing. When you do that, any State refund is not taxable.
June 3, 2019
10:11 AM
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Don't want standard, want itemized. 24k std and 42k itemized.
June 3, 2019
10:11 AM
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30k in interest and 10k max SALT well in excess of 24k standard.
June 3, 2019
10:11 AM
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Your question: "Can I not report any state tx because I am getting a refund, do not want to declare it as income?" I directly addressed that. Another option: Choose Sales Tax vs. SALT deduction. Those are the only two ways to make a State refund not taxable.
June 3, 2019
10:11 AM