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?
posted
June 3, 201910:11 AM
last updated
June 03, 201910:11 AM
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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?
Yes, you can opt to use Standard Deduction instead of itemizing. When you do that, any State refund is not taxable.
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?
Don't want standard, want itemized. 24k std and 42k itemized.
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?
30k in interest and 10k max SALT well in excess of 24k standard.
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?
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.