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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
Depreciation recapture
An amount of gain on the sale of certain depreciable property that is treated as ordinary income in the case of personal property. Recapture is computed on Form 4797.
