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Tax Deductions:

Deducting Paid Taxes

Commonly Overlooked Deductions

You may deduct certain taxes you pay if you itemize deductions on Schedule A (Form 1040.) If your adjusted gross income is in excess of $126,600 ($63,300 if you are married and filing separately), the overall amount of your itemized deductions may be limited. Following is a list of commonly overlooked deductions related to the taxes you pay.

• Income taxes, real estate taxes and personal property taxes imposed by an Indian tribal government
• State, county, city and municipal taxes
• Foreign income taxes
• State and local real estate taxes
• Foreign real estate taxes
• State and local personal property taxes
• Business taxes that are a necessary expenses of your trade or of producing income
• One-half of paid self-employment taxes
• Occupational taxes
• Taxes paid on properties that produce rent or royalties