Question

Sales tax deduction

Forum|Forum|6 years ago
February 12, 2020
1 reply
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In calculating the sales tax deduction, can I use money received in refinancing my home and money borrowed from a life insurance account as non-taxable income?

TurboTax Home & Biz Windows

I

Irene2805

No -- The refinance and the life insurance loan are not considered income and are not included in your tax return. They are debts to be repaid.

Hal_Al

Employee

Although you are allowed to add non taxable income when using the sales tax table, borrowed money is not "income", even though you may have paid sales tax on the items you bought with it. You have to use for the actual receipts option, in that case.