Are tax years 2016 & 2017 back taxes deductible for tax year 2018?Property Tax Deduction When Selling a HomeTax treatment of renovation costs and mortgage interest on a second houseOverpay state income tax this year to offset federal taxable income to the next year?Do I deduct last year's state taxes or this year's?Selling Gifted Stock - Capital Gains, Gift Tax, AGI/DeductionsEstimated taxes itemized deduction?Why would a previous year's tax deductions affect the current year's taxes?2018 Federal Income Tax Deduction for Owner Occupied Rental PropertyWas the brouhaha on pre-paying real estate tax in 2017 for 2018 taxes ever resolved, and if so, how?1098-T with scholarship listed this year 2018 as “billed” but tuition was reported on 2017 year's 1098-T as “paid”

Multi tool use
Multi tool use

I’m planning on buying a laser printer but concerned about the life cycle of toner in the machine

Why don't electron-positron collisions release infinite energy?

"which" command doesn't work / path of Safari?

Why are 150k or 200k jobs considered good when there are 300k+ births a month?

Is it tax fraud for an individual to declare non-taxable revenue as taxable income? (US tax laws)

What is the offset in a seaplane's hull?

How much RAM could one put in a typical 80386 setup?

Japan - Plan around max visa duration

Why Is Death Allowed In the Matrix?

How is the claim "I am in New York only if I am in America" the same as "If I am in New York, then I am in America?

Infinite past with a beginning?

XeLaTeX and pdfLaTeX ignore hyphenation

I see my dog run

Is Social Media Science Fiction?

Extreme, but not acceptable situation and I can't start the work tomorrow morning

Shell script can be run only with sh command

Why are only specific transaction types accepted into the mempool?

Email Account under attack (really) - anything I can do?

How long does it take to type this?

A function which translates a sentence to title-case

Copenhagen passport control - US citizen

N.B. ligature in Latex

What defenses are there against being summoned by the Gate spell?

A newer friend of my brother's gave him a load of baseball cards that are supposedly extremely valuable. Is this a scam?



Are tax years 2016 & 2017 back taxes deductible for tax year 2018?


Property Tax Deduction When Selling a HomeTax treatment of renovation costs and mortgage interest on a second houseOverpay state income tax this year to offset federal taxable income to the next year?Do I deduct last year's state taxes or this year's?Selling Gifted Stock - Capital Gains, Gift Tax, AGI/DeductionsEstimated taxes itemized deduction?Why would a previous year's tax deductions affect the current year's taxes?2018 Federal Income Tax Deduction for Owner Occupied Rental PropertyWas the brouhaha on pre-paying real estate tax in 2017 for 2018 taxes ever resolved, and if so, how?1098-T with scholarship listed this year 2018 as “billed” but tuition was reported on 2017 year's 1098-T as “paid”






.everyoneloves__top-leaderboard:empty,.everyoneloves__mid-leaderboard:empty,.everyoneloves__bot-mid-leaderboard:empty margin-bottom:0;








1















If someone, in 2018, pays taxes, including interest and penalties, owed for tax years 2016 and 2017, then can that person claim a deduction for the paid taxes, only the original amount and no the taxes and fees, for their income for fiscal year 2018?



For example, suppose the person has gross income of $100k and owed $20k in both tax years 2016 and 2017, for a total owed taxes of $40k, but does not pay them on time. IRS imposes late penalty & interest fee of $5k until the person pays IRS total owed $45k in 2018. Person has gross income of $100k in 2018. Can the person claim $40k deduction for paying prior year federal taxes in the 2018 1040?



Any references are appreciated.










share|improve this question




























    1















    If someone, in 2018, pays taxes, including interest and penalties, owed for tax years 2016 and 2017, then can that person claim a deduction for the paid taxes, only the original amount and no the taxes and fees, for their income for fiscal year 2018?



    For example, suppose the person has gross income of $100k and owed $20k in both tax years 2016 and 2017, for a total owed taxes of $40k, but does not pay them on time. IRS imposes late penalty & interest fee of $5k until the person pays IRS total owed $45k in 2018. Person has gross income of $100k in 2018. Can the person claim $40k deduction for paying prior year federal taxes in the 2018 1040?



    Any references are appreciated.










    share|improve this question
























      1












      1








      1








      If someone, in 2018, pays taxes, including interest and penalties, owed for tax years 2016 and 2017, then can that person claim a deduction for the paid taxes, only the original amount and no the taxes and fees, for their income for fiscal year 2018?



      For example, suppose the person has gross income of $100k and owed $20k in both tax years 2016 and 2017, for a total owed taxes of $40k, but does not pay them on time. IRS imposes late penalty & interest fee of $5k until the person pays IRS total owed $45k in 2018. Person has gross income of $100k in 2018. Can the person claim $40k deduction for paying prior year federal taxes in the 2018 1040?



      Any references are appreciated.










      share|improve this question














      If someone, in 2018, pays taxes, including interest and penalties, owed for tax years 2016 and 2017, then can that person claim a deduction for the paid taxes, only the original amount and no the taxes and fees, for their income for fiscal year 2018?



      For example, suppose the person has gross income of $100k and owed $20k in both tax years 2016 and 2017, for a total owed taxes of $40k, but does not pay them on time. IRS imposes late penalty & interest fee of $5k until the person pays IRS total owed $45k in 2018. Person has gross income of $100k in 2018. Can the person claim $40k deduction for paying prior year federal taxes in the 2018 1040?



      Any references are appreciated.







      tax-deduction






      share|improve this question













      share|improve this question











      share|improve this question




      share|improve this question










      asked 6 hours ago









      2q.2q.

      304




      304




















          2 Answers
          2






          active

          oldest

          votes


















          3














          No! You can't take a tax deducton on tax*. Which is what the $40k is.



          Tax isn't normally tax deductible when you pay it on time. Paying it late doesn't somehow make it more deductible.



          Whether those interest and penalties are deductible is another question, but the same answer.




          * You can often deduct taxes paid to other entities, such as your state or another country.






          share|improve this answer






























            2














            It looks like federal back taxes are not deductible on the following year's federal tax return. I guess this makes sense since from gov's point of view they were owed to begin with so no reason to be able to deduct them.






            share|improve this answer























              Your Answer








              StackExchange.ready(function()
              var channelOptions =
              tags: "".split(" "),
              id: "93"
              ;
              initTagRenderer("".split(" "), "".split(" "), channelOptions);

              StackExchange.using("externalEditor", function()
              // Have to fire editor after snippets, if snippets enabled
              if (StackExchange.settings.snippets.snippetsEnabled)
              StackExchange.using("snippets", function()
              createEditor();
              );

              else
              createEditor();

              );

              function createEditor()
              StackExchange.prepareEditor(
              heartbeatType: 'answer',
              autoActivateHeartbeat: false,
              convertImagesToLinks: true,
              noModals: true,
              showLowRepImageUploadWarning: true,
              reputationToPostImages: 10,
              bindNavPrevention: true,
              postfix: "",
              imageUploader:
              brandingHtml: "Powered by u003ca class="icon-imgur-white" href="https://imgur.com/"u003eu003c/au003e",
              contentPolicyHtml: "User contributions licensed under u003ca href="https://creativecommons.org/licenses/by-sa/3.0/"u003ecc by-sa 3.0 with attribution requiredu003c/au003e u003ca href="https://stackoverflow.com/legal/content-policy"u003e(content policy)u003c/au003e",
              allowUrls: true
              ,
              noCode: true, onDemand: true,
              discardSelector: ".discard-answer"
              ,immediatelyShowMarkdownHelp:true
              );



              );













              draft saved

              draft discarded


















              StackExchange.ready(
              function ()
              StackExchange.openid.initPostLogin('.new-post-login', 'https%3a%2f%2fmoney.stackexchange.com%2fquestions%2f107479%2fare-tax-years-2016-2017-back-taxes-deductible-for-tax-year-2018%23new-answer', 'question_page');

              );

              Post as a guest















              Required, but never shown

























              2 Answers
              2






              active

              oldest

              votes








              2 Answers
              2






              active

              oldest

              votes









              active

              oldest

              votes






              active

              oldest

              votes









              3














              No! You can't take a tax deducton on tax*. Which is what the $40k is.



              Tax isn't normally tax deductible when you pay it on time. Paying it late doesn't somehow make it more deductible.



              Whether those interest and penalties are deductible is another question, but the same answer.




              * You can often deduct taxes paid to other entities, such as your state or another country.






              share|improve this answer



























                3














                No! You can't take a tax deducton on tax*. Which is what the $40k is.



                Tax isn't normally tax deductible when you pay it on time. Paying it late doesn't somehow make it more deductible.



                Whether those interest and penalties are deductible is another question, but the same answer.




                * You can often deduct taxes paid to other entities, such as your state or another country.






                share|improve this answer

























                  3












                  3








                  3







                  No! You can't take a tax deducton on tax*. Which is what the $40k is.



                  Tax isn't normally tax deductible when you pay it on time. Paying it late doesn't somehow make it more deductible.



                  Whether those interest and penalties are deductible is another question, but the same answer.




                  * You can often deduct taxes paid to other entities, such as your state or another country.






                  share|improve this answer













                  No! You can't take a tax deducton on tax*. Which is what the $40k is.



                  Tax isn't normally tax deductible when you pay it on time. Paying it late doesn't somehow make it more deductible.



                  Whether those interest and penalties are deductible is another question, but the same answer.




                  * You can often deduct taxes paid to other entities, such as your state or another country.







                  share|improve this answer












                  share|improve this answer



                  share|improve this answer










                  answered 4 hours ago









                  HarperHarper

                  24.9k63788




                  24.9k63788























                      2














                      It looks like federal back taxes are not deductible on the following year's federal tax return. I guess this makes sense since from gov's point of view they were owed to begin with so no reason to be able to deduct them.






                      share|improve this answer



























                        2














                        It looks like federal back taxes are not deductible on the following year's federal tax return. I guess this makes sense since from gov's point of view they were owed to begin with so no reason to be able to deduct them.






                        share|improve this answer

























                          2












                          2








                          2







                          It looks like federal back taxes are not deductible on the following year's federal tax return. I guess this makes sense since from gov's point of view they were owed to begin with so no reason to be able to deduct them.






                          share|improve this answer













                          It looks like federal back taxes are not deductible on the following year's federal tax return. I guess this makes sense since from gov's point of view they were owed to begin with so no reason to be able to deduct them.







                          share|improve this answer












                          share|improve this answer



                          share|improve this answer










                          answered 6 hours ago









                          2q.2q.

                          304




                          304



























                              draft saved

                              draft discarded
















































                              Thanks for contributing an answer to Personal Finance & Money Stack Exchange!


                              • Please be sure to answer the question. Provide details and share your research!

                              But avoid


                              • Asking for help, clarification, or responding to other answers.

                              • Making statements based on opinion; back them up with references or personal experience.

                              To learn more, see our tips on writing great answers.




                              draft saved


                              draft discarded














                              StackExchange.ready(
                              function ()
                              StackExchange.openid.initPostLogin('.new-post-login', 'https%3a%2f%2fmoney.stackexchange.com%2fquestions%2f107479%2fare-tax-years-2016-2017-back-taxes-deductible-for-tax-year-2018%23new-answer', 'question_page');

                              );

                              Post as a guest















                              Required, but never shown





















































                              Required, but never shown














                              Required, but never shown












                              Required, but never shown







                              Required, but never shown

































                              Required, but never shown














                              Required, but never shown












                              Required, but never shown







                              Required, but never shown







                              IWTdFs1EYEdKtguky5 Bagl,ow,4EAWOhRX9TadkjLTP jf
                              mbdZl,7a3nNFy2WUZ37,TcgOq9S VEUk11JedZzn,jpVDFPz3f

                              Popular posts from this blog

                              No such entity with customerId The Next CEO of Stack OverflowTruncate table using resource model in Magento 2Custom Customer Attribute (string) get function not workingGetting current customer in custom REST API moduleSubstitute existing Customer EAV AttributesMagento 2 - Best practice for extending customer entityFatal error: Call to a member function create() on nullProduct custom attribute import with CSV Magento 2.2What is the distinction between defining a customer attribute as “system” versus not “user defined”?Custom EAV Entity Type Missing “default_attribute_set_id” In ModelMagento 2.2: Add Customer Attribute to Custom Tab in AdminHow to mass update custom dropdown customer attribute to all customers? PHP or SQL

                              Буцька Катерина Петрівна Зміст Біографія | Фільмографія | Дублювання та озвучення українською | Дублювання та озвучення російською | Озвучення реклами | Навігаційне менюперевірена109 змінвиправивши або дописавши її

                              Лель (журнал) Зміст Історія | Редакція | Автори і рубрики | Інтерв'ю, статті, рецензії | Див. також | Посилання | Навігаційне менюперевірена1 змінаСергій Чирков: «Плейбой» і «Пентхауз» у кіосках з'явилися вже після того, як зник «Лель»«Лель», підшивка 10 номерів (1992, 1993)Ніч з «Другом Читача»: казки на ніч для дорослихІнформація про журнал на сервері журналістів у ВР УкраїниНаталія Патрікєєва. Лель. Перший український еротичний журналр