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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
Nonrecourse financing
Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.
