Dave N
My PC goes to 7...
Is there an accountant in the house? :bounce
My question is simple: Can I just add up the sales tax from all of the receipts I've saved over the past year and deduct this amount? In my location there is both a state and a local sales tax.
I have been remodeling my house, so the state sales tax totals from all of the receipts I've saved is larger than doing the fancy math with the Optional State Sales Tax Tables. I also bought a vehicle, so that will put the total way over my state income tax.
I guess I'm having trouble understanding this simple paragraph from the p600 form:
Actual expenses. Generally, you can deduct the actual state and local general sales taxes (including compensating use taxes) you paid in 2004 only if the tax rate was the same as the general sales tax rate.
I have no idea what that means. I think it's a tautology...
My question is simple: Can I just add up the sales tax from all of the receipts I've saved over the past year and deduct this amount? In my location there is both a state and a local sales tax.
I have been remodeling my house, so the state sales tax totals from all of the receipts I've saved is larger than doing the fancy math with the Optional State Sales Tax Tables. I also bought a vehicle, so that will put the total way over my state income tax.
I guess I'm having trouble understanding this simple paragraph from the p600 form:
Actual expenses. Generally, you can deduct the actual state and local general sales taxes (including compensating use taxes) you paid in 2004 only if the tax rate was the same as the general sales tax rate.
I have no idea what that means. I think it's a tautology...