Are Form 8655 Deduction 2024

Music, all right then. Welcome everyone to today's class, which is on deducting taxes, interest, and charitable contributions. We're going to be spending pretty much an hour on each of these subjects. Let's begin by taking a look at this little section of Schedule A right here. In this morning's class, we covered medical and dental expenses. In the afternoon class today, we're going to be looking at taxes you paid, interest you paid, and gifts to charity. So, this big middle section of Schedule A is where we are going to be spending our time today. I'm going to start with deductible taxes. You can claim certain types of taxes as a deduction on Schedule A. Some kinds of taxes are eligible for special credits. So, depending on the type of tax, you may or may not be able to deduct it on Schedule A. We're going to look at some of the rules. When we look at Schedule A, there is a line for state and local income taxes. Inside that, there is an A or a B, depending on whether it's income tax or general sales tax. There's also a line for real estate taxes. Many people refer to real estate taxes as property taxes, but the IRS separates real estate taxes from another category called personal property taxes. So, over the years, I've just learned to call real estate taxes real estate taxes, even though clients tend to think of that as property taxes on their house. Finally, there's one line for every other kind of tax that's left over that can still be deducted on Schedule A, and that's line 8. To enter a tax of any kind on Schedule A, it has to be deductible, and to be deductible, it must meet two tests. Firstly, the tax...