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Originally Posted by Yoda
This will be obvious to all those who are knowledgeable about our outdated and confusing tax code. I went to see my accountant for preparation of my 1040 and received some unexpected and welcome news. As many might recall, I have waged an unsuccessful battle against paying state income tax to AHs on charges imposed where I am not resident, ie. any state but Florida. This has been principally directed towards one predominant AH in Texas. i have been stonewalled at every turn.
Anyhow, I learned that I can deduct state taxes as part of acquisition cost, which I had not realized prior. This should save me some tax dollars...most welcome.
I also have to wonder if these taxes paid in the past have gone into an escrow account and sent to Florida or ended up in general operating funds.
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John,
The Florida sales tax that Heritage has charged and collected from you in the past had better be getting sent to Florida for Heritage's sake. If it was discovered that Heritage was charging you sales taxes which they then just kept to use and pay their own bills, Florida, as well as any other states they were supposed to be remitting sales taxes to, would not look upon that very kindly once such a practice was discovered. You yourself have no issues and concerns since you paid the sales tax that was due. Heritage however, operates in somewhat of a fiduciary capacity and it technically operates as an agent for those states in which it is required to charge, collect, and remit sales taxes. It is part of what they have to do in order to be permitted the right to operate in any particular state. That sales tax money is not Heritage's, or any AH that collects sales taxes, to just do with as they please.
At least not if they want to continue operating without any problems in that particular state.