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Form 3903 Moving Expenses Irs Ustreas

Form 3903 Moving Expenses Irs Ustreas

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Instructions and help about Form 3903 Moving Expenses Irs Ustreas

so we'll go into a deeper detail on itemized deductions for taxes that you paid during the tax year we cover all of these deductions in our video on schedule a but in this video we're going to take a deeper dive on how to arrive at the calculations for taxes paid during the year so taxes paid generally you are allowed to take a tax deduction for state and local taxes paid during the year up to ten thousand dollars for married taxpayers filing separate returns that limit is five thousand dollars this includes income tax or sales tax not both it also includes real estate taxes and personal property tax which we will cover in depth so you can calculate the deduction for state and local income tax or state and local sales tax you cannot include both however the default option on schedule a is the income tax if you choose to use sales tax then you must check the box in line 5A to change this option to sales tax this box right here taxpayers in states with no income tax can u

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