Finance Q&A

Schedule A Income Tax or Sales Tax Florida ?

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Q. My parents live in Florida and, accordingly, paid no state income tax since there is no such tax. They do pay the Florida Intangible Tax on much of their investment assets. Can I deduct BOTH the sales tax amount (as per the table since they didn't keep records and made no big-ticket purchases with big sales taxes) AND the Intangible Tax? Or does the Intangible Tax count as an "income tax"? I could put the Intangible Tax on Schedule A, Line 8 and still put the sales tax on Line 5 of Schedule A.

A. -The intangibles tax is an ad valorem personal property tax and is deductible as such. Always was. For 2005 you can deduct that and the sales tax too. i'm in San Diego The foregoing is intended for educational purposes only and does not c

 


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