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Deductions & credits
@SweetieJean wrote:
As I said, it can be recorded as nontaxable income when calculating the sales tax deduction (only).
I really do not want to get into some sort of contest here, but I am of the opinion that the sales tax tables are based upon AGI and the applicable Code section actually states as much with respect to those sales tax tables.
See https://www.law.cornell.edu/uscode/text/26/164
This is not to mention the fact that the "Quick Reference Guide" includes the likes of other items that are clearly not included in gross income (termed "nontaxable income"), such as reverse mortgages and federal income tax refunds.
‎June 12, 2022
7:39 AM