Sales tax information
Hi,
Turbo tax asking for "Sales tax information"?
I dont have receipts for all the taxes paid last year. can you please explain what this is for? what should i enter for this questions. What happens if i don't select anything.
Hi,
Turbo tax asking for "Sales tax information"?
I dont have receipts for all the taxes paid last year. can you please explain what this is for? what should i enter for this questions. What happens if i don't select anything.
If you are taking the Itemized Deductions instead of the Standard Deductions on your Form 1040, then you can deduct sales tax as part of your Schedule A deductions.
You can choose between deducting your state and local income taxes (SALT) or your state and local sales taxes. You cannot claim both, and you can't claim either one if you're taking the standard deduction. However, be aware that for tax years 2018 through 2025, the SALT deduction (which includes sales tax) is capped at $10,000. That means if the combined total of your sales tax, real estate tax, and personal property tax amounts to $15,000, you can only deduct $10,000 maximum.
If you’re taking the sales tax deduction, here’s how to enter the sales tax you paid:
For additional information regarding Sales Tax please review the links below:
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