Additional property tax deduction

[gman]

The additional property tax deduction that was added to the standard deduction,(500 for single-1,000 mfj) is not available in 2010. Is that correct, or was it extended and filers need to wait???

[KBTS]

It was not extended. If itemizing on Sch A with property taxes, then the delay applies.

[kpangelinan]

The additional property tax deduction that was added to the standard deduction,(500 for single-1,000 mfj) is not available in 2010. Is that correct, or was it extended and filers need to wait???

Not extended.

[Possi]

However,

the new vehicle sales tax was extended...
In TWise, Sch A, pg 2.

[solomon]

the new vehicle sales tax was extended...
In TWise, Sch A, pg 2.

However, not for Sch L.

[FEDUKE404]

Say what??

However, not for Sch L.

Take a look at 2010 Schedule L, starting at line 7.

http://www.irs.gov/pub/irs-pdf/f1040sl.pdf

FE

[solomon]

Take a look at 2010 Schedule L, starting at line 7.

http://www.irs.gov/pub/irs-pdf/f1040sl.pdf

FE

I am aware of that but this is not an extension in the Law for purchases in 2010 but for purchases later in 2009 for which the sales tax was not paid until 2010.

[Possi]

True.. =(

I am aware of that but this is not an extension in the Law for purchases in 2010 but for purchases later in 2009 for which the sales tax was not paid until 2010.

"Ya KILLIN me, Smalls!"

[RitaB]

I love that movie!

"Ya KILLIN me, Smalls!"

At least I know what this one means.

http://www.youtube.com/watch?v=1aPJYrFLStg

[BP.]

"Ya KILLIN me, Smalls!"

Love it. Friends & I have been overworkin' this one for couple of years now . . . we can't seem to tire of it.

[FEDUKE404]

Not enough morning coffee, perhaps?

I am aware of that but this is not an extension in the Law for purchases in 2010 but for purchases later in 2009 for which the sales tax was not paid until 2010.

My bad.

I guess a Schedule L will now become only slightly more common than a Schedule R?

OTOH, barring further brain misfires on my part, I think a person can still deduct auto sales tax paid during 2010 IF line 5b of Schedule A is selected.

FE

[Possi]

bump it up?

My bad.

I guess a Schedule L will now become only slightly more common than a Schedule R?

OTOH, barring further brain misfires on my part, I think a person can still deduct auto sales tax paid during 2010 IF line 5b of Schedule A is selected.

FE

If you choose sales tax, can't you take the charted sales tax figure and bump it up by major purchases like cars and boats?

[FEDUKE404]

Claiming 2010 auto sales tax

If you choose sales tax, can't you take the charted sales tax figure and bump it up by major purchases like cars and boats?

Ah, I think that's what would be included on line 5b of Schedule A, as I mentioned earlier.

(Most tax software has a worksheet for table amounts for states/localities plus separate section for vehicles/boats/etc, in addition to the rare person who keeps every receipt for a year and tabulates them for you.)

FE