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Submitted By: Anne
Answered: May 22, 2015 12:01 pm
Answered: May 22, 2015 12:01 pm
I paid federal tax when I filed my 2013 return at the beginning of October. Can I deduct this payment on my 2014 return?
No, federal income taxes are not deductible. But if you also paid state income tax in 2014 for 2013, you can deduct it on your 2014 federal income tax return.
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Tax Glossary
Passive activity loss rules
Rules that limit the deduction of losses from passive activities to income from other passive activities. Passive activities include investment rental operations or businesses in which you do not materially participate.
