ookmarks Window Help 100 ES Mon Jun 1 a v2cengagenowcom le

ookmarks Window Help 100% ES, ? Mon Jun 1 a v2.cengagenow.com le Facebook Youtube Instagram Handshake bCourse Udemy Foothill Online Cengage ProConnect Chegg Bank of America Chase Verizon Outlook Calculator In 2017, state income taxes or state and local sales taxes, whichever is larger, may be deducted as an itemized deduction on Schedule A. ?True False

Solution

Ans is True

Explanation: Taxpayer is allowed to deduct either income tax or states or local sales tax whichever is higher on schedule A of Form 1040 in itemized deduction, if the amount of itemized deduction is more than standard deduction then only true benefits of this deduction is realized. Both of the deductions can not be taken same time, you hve to choose the one which results in lowest tax bill.